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To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Fairway has more mortgage options than many other lenders, including government-backed loans and mortgages specifically designed for physicians. A company spokesperson told us its minimum credit score is usually 620.
Fairway could be a good option if you have a poor credit score, or none at all. Most lenders pull your credit score when you apply for a mortgage. But Fairway lets you show alternative credit data, such as proof that you pay bills on time, on some of its mortgages. Fairway and Rocket Mortgage both offer more term length options than many lenders. You'll want Fairway for a USDA mortgage, reverse mortgage, or renovation loan, though, because Rocket Mortgage doesn't offer these loans. Fairway Independent Mortgage Corp. offers a variety of home loan options.
Down payment required
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.
Although doctors may not be able to earn much money upon graduation because of their medical school debt, they are more likely to be attracted to their pros and cons separately. Based on your service history and commitment and your duty status and type of service, your certificate of evaluation is issued. Conventional loans are more flexible and have fewer restrictions than government loans, requiring a larger down payment. The Better Business Bureau evaluates companies' responsiveness to customer issues, and it gives Fairway Independent Mortgage Corporation an A+rating. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Fairway mortgage loan types
View statements and securely pay your medical bills online. Although medical school debt can result in a lack of income early on, doctors are more likely. Fairway is a direct lender, and it isn't owned by a bank or another company. Steve Jacobson founded Fairway in 1996 and still acts as the CEO.
In addition, you could potentially save a significant amount of money over the loan’s term and improve your financial picture. Use our refinance calculator to determine whether refinancing is a good option. On the bright side, customer reviews on Zillow reveal that most borrowers' rates were "as expected" or "lower than expected." So Fairway does offer competitive mortgage rates. DCU offers competitive mortgage rates and down payments as low as 5% over 30 years.
Frequently Asked Questions about Physician Group at Fairway Independent Mortgage Corporation
You'll also prefer Fairway if you have a low or no credit score. Fairway lets you apply with alternative forms of credit, like proof that you pay bills, whereas Rocket Mortgage requires a credit check. The application process with Fairway went by fairly quickly. There were some questions because I just moved in state and has a new job but other than that, it was easy. The deal was a lot higher than my previous mortgage but with the increase in rates, it was nationwide.
The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Some mortgage lenders won’t let you get a loan before you have a job, but you can use your employment contract to secure physician loan options with Fairway.
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They provided feedback and insight into the numbers behind the interest rate... Understanding how to apply for an FHA loan will get you that much closer to qualifying for a low down payment mortgage. We would much rather keep all your home loan options open and guide you to make the right decision, rather than push you into a loan product just because it matches your job title. Medical professionals have a unique set of challenges on their journey to homeownership. FairwayNEXT provides convenient ways to obtain valuable information about your mortgage loan, such as where to make your first payment as well as who your current servicer is.
Fairway receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The score reflects more than 32,000 customer reviews. Fairway Family Physicians welcomes you to our practice. We are a group of board certified physicians who specialize in preventive medicine and disease management for your entire family. We are proud to be a part of Central Ohio Primary Care , one of the largest physician-owned primary care medical groups in the United States.
Better provides detailed information about its loan rates and fees online, including personalized breakdowns based on your desired home loan. Fairway has a variety of mortgages, but it has little information on its website about its terms, rates, and fees. And you have to work with a home loan advisor to apply for a mortgage. Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive.
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