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If your fixed-rate mortgage interest rate is too high, if your income will increase in the future, or if you plan to remain in the home for just a few years, an adjustable-rate mortgage could make sense. Fees and rates vary depending on the type of loan and the borrower’s qualifications. Even though you might qualify for a loan amount of up to $2 million with Fairway, it doesn’t mean that it’s the right choice for you. A small down payment, plus a large mortgage, can lead to regular payments that might strain your budget. Fairway lets you apply with alternative credit data if you don't have a good credit score.
A typical physician loan makes allowances for medical school debt and the chronology of a medical career. Some medical professional loan programs are Conventional loan products, yes. These are specific home loan programs that allow for the consideration of future income and for Fairway to calculate your DTI a little differently in relation to your student loans when you apply.
Fairway Independent Transparency
Fairway offers a variety of loans, from conventional fixed-rate loans to ARMs, FHA, USDA, VA, home renovation loans, and reverse mortgages. You might also need other documentation, so ask your loan officer for the needed information. You might need additional documentation when you have your own practice. A physician loan is a mortgage for medical doctors that doesn’t require private mortgage insurance, or PMI, even with a small or no down payment. This could potentially save a borrower hundreds of dollars off a monthly mortgage payment.
However, you should note that the lower term option will require higher monthly payments so that you can build equity more quickly. Fairway Independent Mortgage streamlines the mortgage lending process by offering borrowers a comprehensive selection of loan products and customer service options. This is one of the most common questions we receive, regardless of loan type. However, these program guidelines change often, so what’s best is to have a conversation with your Fairway mortgage advisor so that we can determine what the best option is for you. Doctors just getting their career started while saddled with large student loans may be able to take out a Fairway physician loan with extra qualifying flexibility.
Fairway Independent Application Process
To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided on If you decide to apply for a physician loan through Fairway Independent Mortgage Co., there are some steps you need to follow. If you’re in medical residency, your future employment options and pay are a bit uncertain, which could make your home mortgage unaffordable. Fairway has over 400 branches, with at least one in 48 states plus Washington DC. Only Alaska and West Virginia do not have a Fairway Mortgage branch. This means you have a better chance of meeting a loan officer in person than with many other lenders, who might have fewer branches in fewer states.
I would find a discrepancy on the form but I wouldn't necessarily get the new application with the correction. I would just be told, "It will be fixed on your closing document." I never wanted to feel as if I was misleading on any applications concerning anything, especially a mortgage application. So when someone is going through this process, they should make sure that they're matched up with a loan officer that is able to really cater to their needs and what they need as a consumer. This is a really long, stressful, complicated process and you have to have someone that you feel is on your team. Start with Fairway by filling out a form online, using the FairwayNow app, calling or visiting a branch. You then work with a loan officer to go over your mortgage goals and submit an application for preapproval.
Fairway Mortgage Physician Loan Review - Student Loan Planner
A down payment is not required for families with low-to-moderate incomes. A conventional loan requires a 5% down payment (3% for first-time buyers); jumbo loans, second homes, multifamily properties, and investment properties require higher costs. You should also compare other physician loan options to see if one of them better serves your needs. Carefully consider what works for you and make the choice most likely to work for your immediate and long-term needs. But if I wasn't familiar with it, it would have been a little overwhelming because I didn't receive a lot of direction on what to do and how to do it.
Yes, Fairway Independent Mortgage Corp. is a legitimate mortgage lender. The company has been in business since 1996 and is authorized at the time of publishing to do business in all 50 states and Washington, D.C., according to NMLS. A Fairway loan officer can help you determine whether you meet the qualifications for a mortgage and how much home you can afford. You can apply for a loan with Fairway Independent Mortgage Corp. in person, online or by phone.
About Fairway Independent Mortgage Review
A digital closing process lets buyers and sellers preview and approve documents electronically before settlement to save time at the final closing. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Prescriptions and refills will be handled at scheduled office visits and enough medicine will be prescribed to last at least until the patient’s next appointment.
One company offering this type of loan is Fairway Independent Mortgage Corporation. Let’s take a look at some of the Fairway mortgage requirements for a physician loan so you can decide if it’s right for you. After finishing your medical degree, there’s a good chance you’ll have a lot of student loans — making it difficult to qualify for a conventional mortgage. However, there are some lenders that offer access to special home loan financing for doctors.
Keep in mind that you’ll also need to save up for closing costs and other potential fees. When considering a physician loan from Fairway Independent Mortgage Co., there are a few advantages to borrowers who use this program. To decide whether Fairway Independent Mortgage is best for you, check rates and terms from a few different lenders and weigh your options carefully. Lastly, borrowers who want to tap their equity without refinancing will have to go elsewhere. Fairway does not offer a home equity loan or a home equity line of credit .
Those looking for more details before they submit a loan application and those who want to apply online may want to consider using a lender like Better. Through Better, you can get pre-approved for a loan in as little as three minutes, and you can complete every step of the mortgage process online. However, you can reach customer service in several ways, including by phone, email, or by visiting a local branch.
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