Fair Way Lending Mortgage Rates, Fees & Info

LOUISVILLE, KY

LEI: 54930008MKP7T81OVK54

Tax ID: 47-2565675

5 stars - Updated: 5/20/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Fair Way Lending is a smaller mortgage company specializing in Home Purchase loans. Fair Way Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Atlanta, Bloomington, Louisville, Lafayette, and Indianapolis among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fair Way Lending has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fair Way Lending is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.99% 5/20/24
30 Year Conventional Refi 6.87% 5/20/24
30 Year Cash-out Refi 6.85% 5/20/24
30 Year FHA Purchase 7.72% 5/20/24
30 Year FHA Refi 6.27% 5/20/24
30 Year VA Purchase 6.52% 5/20/24
30 Year VA Refi 7.17% 5/20/24
30 Year USDA Purchase 7.09% 5/20/24
15 Year Conventional Purchase 6.41% 5/20/24
15 Year Conventional Refi 6.23% 5/20/24
15 Year Cash-out Refi 6.23% 5/20/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Fair Way Lending Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Fair Way Lending. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

253

Origination Dollar Volume (All Markets)

$57,065,000

Awards

FAIR WAY LENDING VA Loans bronze
Show all (1) awards

Relative Rate

Fair Way Lending's average 30 year fixed mortgage rate was 6.88%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Fair Way Lending's average total fees/closing costs for a 30 year fixed rate mortgage were $6,954.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 48 $12,690,000 $264,375 $6,995 7.01%
BLOOMINGTON, IN (FHA|USDA|VA) 51 $11,925,000 $233,824 $6,521 6.57%
LOUISVILLE, KY (FHA|USDA|VA) 34 $8,710,000 $256,176 $6,295 7.09%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 23 $4,095,000 $178,043 $7,030 7.30%
Outside of Metro Areas 20 $3,550,000 $177,500 $7,812 6.89%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $2,485,000 $225,909 $5,841 7.25%
EVANSVILLE, IN-KY (FHA|USDA|VA) 10 $1,990,000 $199,000 $7,721 7.36%
Madison, IN (FHA|USDA|VA) 10 $1,770,000 $177,000 $5,666 6.56%
Bedford, IN (FHA|USDA|VA) 9 $1,675,000 $186,111 $8,657 6.60%
Lumberton, NC (FHA|USDA|VA) 4 $880,000 $220,000 $10,090 6.00%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 2 $740,000 $370,000 $4,978 6.87%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $475,000 $475,000 $12,821 6.13%
TERRE HAUTE, IN (FHA|USDA|VA) 3 $475,000 $158,333 $4,877 6.42%
CARBONDALE-MARION, IL (FHA|USDA|VA) 3 $465,000 $155,000 $6,974 7.17%
Scottsburg, IN (FHA|USDA|VA) 3 $445,000 $148,333 $5,478 6.96%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $425,000 $425,000 $8,113 6.50%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $415,000 $415,000 $12,833 6.62%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $365,000 $365,000 $14,477 5.75%
Bardstown, KY (FHA|USDA|VA) 1 $315,000 $315,000 $5,750 7.13%
GREENVILLE, NC (FHA|USDA|VA) 1 $285,000 $285,000 $13,168 5.75%
Cullowhee, NC (FHA|USDA|VA) 1 $285,000 $285,000 $8,046 7.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $250,000 $125,000 $5,910 6.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $250,000 $125,000 $4,955 6.44%
NEW BERN, NC (FHA|USDA|VA) 1 $245,000 $245,000 $10,190 6.25%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,864 7.25%
Frankfort, KY (FHA|USDA|VA) 1 $235,000 $235,000 $8,393 5.99%
Frankfort, IN (FHA|USDA|VA) 1 $235,000 $235,000 $9,535 7.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $235,000 $235,000 $12,625 5.25%
North Vernon, IN (FHA|USDA|VA) 1 $195,000 $195,000 $4,162 7.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $8,302 5.50%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $165,000 $165,000 $4,987 7.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $135,000 $135,000 $6,855 6.50%
Crawfordsville, IN (FHA|USDA|VA) 1 $125,000 $125,000 $6,210 7.75%
OWENSBORO, KY (FHA|USDA|VA) 1 $95,000 $95,000 $3,351 5.88%
Fair Way Lending's top markets include Atlanta, Bloomington, Louisville, Lafayette, and Indianapolis among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FAIR WAY LENDING based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Friendship State Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 160 $37,410,000 $233,813 $5,666 6.92%
    FHA 61 $13,205,000 $216,475 $10,264 6.80%
    USDA 18 $3,320,000 $184,444 $7,074 6.71%
    VA 14 $3,130,000 $223,571 $6,918 6.87%

    For 2023, Fair Way Lending's most frequently originated type of loan was Conventional, with 160 originations. Their 2nd most popular type was FHA, with 61 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 228 $52,500,000 $230,263 $6,965 6.88%
    Cash Out Refi 17 $2,955,000 $173,824 $6,850 6.91%
    Refi 8 $1,610,000 $201,250 $6,407 6.80%

    For 2023, Fair Way Lending's most frequently cited loan purpose was Home Purchase, with 228 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 251 $56,545,000 $225,279 $6,954 6.88%
    15 Year 1 $115,000 $115,000 $5,321 6.38%
    20 Year 1 $405,000 $405,000 $5,358 6.63%

    For 2023, Fair Way Lending's most frequently cited loan duration was 30 Year, with 251 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 58 $12,660,000 $218,276
    $5k+ 57 $16,095,000 $282,368
    $3k-4k 46 $10,760,000 $233,913
    $2k-3k 45 $7,835,000 $174,111
    $4k-5k 39 $8,225,000 $210,897
    $<1k 5 $875,000 $175,000

    Fair Way Lending's average total fees were $6,954, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 124 $28,790,000 $232,177
    7-8% 99 $21,865,000 $220,859
    5-6% 25 $5,115,000 $204,600
    Over 8% 5 $1,295,000 $259,000

    During 2023, Fair Way Lending's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 114 $30,400,000 $266,667 $7,973 6.90%
    $100k-200k 93 $14,685,000 $157,903 $6,004 6.79%
    $100,000 or less 25 $2,025,000 $81,000 $4,115 7.04%
    $400k-600k 18 $7,960,000 $442,222 $8,853 6.96%
    $600k-1MM 3 $1,995,000 $665,000 $8,638 6.75%

    2023 saw Fair Way Lending place emphasis on $200k-400k loans with 114 originations, totaling $30,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 86 $16,550,000 $192,442 $6,506 6.84%
    $50k or less 44 $6,580,000 $149,545 $5,698 6.72%
    $75k-100k 44 $10,650,000 $242,045 $7,481 6.92%
    $100k-150k 43 $11,535,000 $268,256 $8,685 6.92%
    $150k-250k 29 $8,815,000 $303,966 $6,579 7.07%
    $250k+ 7 $2,935,000 $419,286 $7,659 7.01%

    Fair Way Lending lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $50k or less, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 48 $10,020,000 $208,750 $5,963 6.97%
    20-30% 33 $7,095,000 $215,000 $6,003 6.86%
    39% 16 $3,430,000 $214,375 $5,567 6.98%
    43% 16 $3,510,000 $219,375 $6,685 6.78%
    49% 16 $3,940,000 $246,250 $6,862 6.93%
    50-60% 15 $3,935,000 $262,333 $12,696 6.64%
    40% 13 $3,035,000 $233,462 $7,882 6.53%
    48% 13 $3,345,000 $257,308 $7,822 7.21%
    44% 12 $2,980,000 $248,333 $7,370 6.80%
    45% 11 $2,635,000 $239,545 $7,578 6.85%
    41% 10 $1,760,000 $176,000 $5,717 6.96%
    36% 10 $2,250,000 $225,000 $7,434 6.64%
    42% 9 $2,145,000 $238,333 $8,503 7.21%
    47% 8 $2,200,000 $275,000 $7,950 6.78%
    <20% 8 $1,460,000 $182,500 $3,654 6.59%
    46% 5 $1,405,000 $281,000 $4,889 7.18%
    38% 5 $1,055,000 $211,000 $6,788 7.08%
    37% 5 $865,000 $173,000 $7,324 6.72%

    Fair Way Lending lent most frequently to those with DTI ratios of 30-36%, with 48 originations. The next most common DTI ratio? 20-30%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 176 $37,920,000 $215,455 $6,836 6.84%
    Black 66 $16,590,000 $251,364 $7,294 7.01%
    Not provided 6 $1,090,000 $181,667 $3,689 6.56%
    American Indian 2 $760,000 $380,000 $10,119 6.69%
    Asian 2 $470,000 $235,000 $8,598 7.56%
    Other Pacific Islander 1 $235,000 $235,000 $12,471 5.25%

    Approval Rates

    Total approvals of all applications
    96.05%

    Fair Way Lending has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    75.49%

    Fair Way Lending has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 253 $57,065,000 $225,553

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    253 $57,065,000 $225,553

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,170,000 $146,250 $4,104 6.22%
    40-60% 18 $3,070,000 $170,556 $4,703 6.63%
    60-80% 57 $14,015,000 $245,877 $6,614 7.00%
    80-100% 167 $38,045,000 $227,814 $7,385 6.88%
    Over 100% 3 $765,000 $255,000 $9,948 7.42%