Fair Way Lending Mortgage Rates, Fees & Info
LOUISVILLE, KYLEI: 54930008MKP7T81OVK54
Tax ID: 47-2565675
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Mortgage Data
Review & Overview
Fair Way Lending is a smaller mortgage company specializing in Home Purchase and Refi 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: Bloomington, Louisville, Atlanta, Indianapolis, and Lafayette among others. We have data for 52 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 an above average pick rate when compared to similar lenders. Fair Way Lending is typically a low 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.99% | 11/17/24 |
| 30 Year Conventional Refi | 6.87% | 11/17/24 |
| 30 Year Cash-out Refi | 6.85% | 11/17/24 |
| 30 Year FHA Purchase | 7.72% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.52% | 11/17/24 |
| 30 Year VA Refi | 7.17% | 11/17/24 |
| 30 Year USDA Purchase | 7.09% | 11/17/24 |
| 15 Year Conventional Purchase | 6.41% | 11/17/24 |
| 15 Year Conventional Refi | 6.23% | 11/17/24 |
| 15 Year Cash-out Refi | 6.23% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
750Origination Dollar Volume (All Markets)
$148,920,000Awards
FAIR WAY LENDING - 2021
FAIR WAY LENDING is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| BLOOMINGTON, IN (FHA|USDA|VA) | 191 | $41,435,000 | $216,937 | $4,014 | 3.03% |
| LOUISVILLE, KY (FHA|USDA|VA) | 98 | $19,970,000 | $203,776 | $4,455 | 3.03% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 62 | $14,350,000 | $231,452 | $5,055 | 3.09% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 51 | $11,345,000 | $222,451 | $4,522 | 3.18% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 56 | $7,570,000 | $135,179 | $4,296 | 3.42% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 42 | $7,210,000 | $171,667 | $4,645 | 3.49% |
| Outside of Metro Areas | 40 | $6,500,000 | $162,500 | $4,446 | 3.18% |
| Madison, IN (FHA|USDA|VA) | 30 | $6,140,000 | $204,667 | $4,314 | 2.97% |
| Bedford, IN (FHA|USDA|VA) | 25 | $4,555,000 | $182,200 | $4,963 | 3.13% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 17 | $3,205,000 | $188,529 | $5,101 | 2.98% |
| Scottsburg, IN (FHA|USDA|VA) | 17 | $2,635,000 | $155,000 | $3,562 | 3.43% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 9 | $2,325,000 | $258,333 | $6,224 | 3.38% |
| GREENVILLE, NC (FHA|USDA|VA) | 10 | $2,270,000 | $227,000 | $6,404 | 3.09% |
| Lumberton, NC (FHA|USDA|VA) | 9 | $1,935,000 | $215,000 | $5,351 | 2.88% |
| Bardstown, KY (FHA|USDA|VA) | 8 | $1,570,000 | $196,250 | $3,655 | 2.77% |
| COLUMBUS, IN (FHA|USDA|VA) | 6 | $1,170,000 | $195,000 | $5,495 | 3.10% |
| Cullowhee, NC (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $5,352 | 3.16% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $4,663 | 2.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 5 | $985,000 | $197,000 | $4,652 | 3.40% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $4,182 | 3.13% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 9 | $875,000 | $97,222 | $4,445 | 3.32% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $3,782 | 3.19% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,317 | 2.88% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $5,247 | 2.91% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $4,164 | 2.84% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $9,026 | 2.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,276 | 2.88% |
| Seymour, IN (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $4,068 | 3.46% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $4,535 | 3.38% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $6,353 | 3.25% |
| Jasper, IN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,744 | 3.31% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,418 | 2.88% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,414 | 3.00% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,209 | 2.38% |
| Frankfort, KY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,205 | 2.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,907 | 3.00% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $5,470 | 3.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,838 | 3.25% |
| Crawfordsville, IN (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,610 | 3.56% |
| Branson, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $1,497 | 2.88% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,413 | 3.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,984 | 2.75% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,697 | 3.25% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,320 | 2.88% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,685 | 2.38% |
| Vincennes, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,439 | 3.25% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,913 | 3.38% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,370 | 2.88% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,882 | 2.75% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,021 | 3.38% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,082 | 2.75% |
| Ashtabula, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,291 | 3.25% |
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.
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Product Mix
For 2021, Fair Way Lending's most frequently originated type of loan was Conventional, with 473 originations. Their 2nd most popular type was FHA, with 168 originations.
Loan Reason
For 2021, Fair Way Lending's most frequently cited loan purpose was Home Purchase, with 531 originations. The 2nd most popular reason was Refi, with 212 originations.
Loan Duration/Length
For 2021, Fair Way Lending's most frequently cited loan duration was 30 Year, with 682 originations. The 2nd most popular length was 15 Year, with 44 originations.
Origination Fees/Closing Costs
Fair Way Lending's average total fees were $4,581, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 573 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 386 | $76,450,000 | $198,057 |
| 2.5-3% | 286 | $57,960,000 | $202,657 |
| <2.5% | 58 | $11,820,000 | $203,793 |
| 4-5% | 20 | $2,690,000 | $134,500 |
During 2021, Fair Way Lending's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 386 originations.
Loan Sizing
2021 saw Fair Way Lending place emphasis on $100k-200k loans with 368 originations, totaling $55,890,000 in origination value.
Applicant Income
Fair Way Lending lent most frequently to those with incomes in the $50k or less range, with 282 originations. The second most popular income band? $50k-75k, with 230 originations.
Applicant Debt to Income Ratio
Fair Way Lending lent most frequently to those with DTI ratios of 30-36%, with 143 originations. The next most common DTI ratio? 20-30%, with 139 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.90%
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 origination91.87%
Fair Way Lending has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 750 | $148,920,000 | $198,560 |