Fairway Funding Group Mortgage Rates, Fees & Info

Sarasota, FL

LEI: 549300S19BPWGHQOYU13

Tax ID: 65-1038507

2.4 stars - Updated: 5/26/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Fairway Funding Group is a smaller mortgage company specializing in Home Purchase loans. Fairway Funding Group has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: North Port, Tampa, Cape Coral, Miami, and Naples among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fairway Funding Group 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. Fairway Funding Group is typically a high 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 6.61% 5/26/24
30 Year Conventional Refi 6.43% 5/26/24
30 Year Cash-out Refi 6.49% 5/26/24
30 Year FHA Purchase 6.84% 5/26/24
30 Year VA Purchase 5.80% 5/26/24
30 Year VA Refi 6.27% 5/26/24
30 Year USDA Purchase 5.63% 5/26/24
15 Year Conventional Purchase 5.70% 5/26/24
15 Year Conventional Refi 5.86% 5/26/24
15 Year Cash-out Refi 5.86% 5/26/24
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.

Fairway Funding Group Mortgage Calculator






Your Estimates

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

This is not an official calculator from Fairway Funding Group. 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

187

Origination Dollar Volume (All Markets)

$68,255,000

Relative Rate

Fairway Funding Group's average 30 year fixed mortgage rate was 6.95%.

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

This yields a difference of 0.47%.

Relative Fees (Closing Costs)

Fairway Funding Group's average total fees/closing costs for a 30 year fixed rate mortgage were $10,312.

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
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 126 $48,690,000 $386,429 $10,195 6.89%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 19 $5,915,000 $311,316 $11,520 7.00%
Outside of Metro Areas 10 $4,060,000 $406,000 $9,882 7.37%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $2,005,000 $401,000 $13,997 6.78%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,995,000 $399,000 $8,908 7.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,360,000 $340,000 $12,484 6.72%
PUNTA GORDA, FL (FHA|USDA|VA) 5 $1,345,000 $269,000 $8,038 6.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $720,000 $360,000 $10,201 7.06%
OCALA, FL (FHA|USDA|VA) 3 $595,000 $198,333 $7,802 6.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $575,000 $191,667 $10,859 7.25%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,005 6.00%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $8,248 6.13%
KNOXVILLE, TN (FHA|USDA|VA) 1 $215,000 $215,000 $9,689 7.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $145,000 $145,000 $7,447 8.63%
Cookeville, TN (FHA|USDA|VA) 1 $125,000 $125,000 $7,057 6.50%
Fairway Funding Group's top markets include North Port, Tampa, Cape Coral, Miami, and Naples among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FAIRWAY FUNDING GROUP 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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $52,105,000 $369,539 $9,165 7.02%
    FHA 39 $13,305,000 $341,154 $13,998 6.68%
    VA 6 $2,590,000 $431,667 $12,027 6.23%
    USDA 1 $255,000 $255,000 $8,248 6.13%

    For 2023, Fairway Funding Group's most frequently originated type of loan was Conventional, with 141 originations. Their 2nd most popular type was FHA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 178 $66,000,000 $370,787 $10,343 6.90%
    Cash Out Refi 8 $1,750,000 $218,750 $8,534 7.47%
    Refi 1 $505,000 $505,000 $11,645 6.88%

    For 2023, Fairway Funding Group's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 180 $66,250,000 $368,056 $10,312 6.95%
    15 Year 5 $1,395,000 $279,000 $10,056 5.97%
    20 Year 1 $305,000 $305,000 $5,506 5.87%
    30+ year 1 $305,000 $305,000 $8,981 7.99%

    For 2023, Fairway Funding Group's most frequently cited loan duration was 30 Year, with 180 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 75 $29,955,000 $399,400
    $2k-3k 48 $16,490,000 $343,542
    $4k-5k 22 $6,410,000 $291,364
    $1k-2k 18 $5,220,000 $290,000
    $3k-4k 14 $4,870,000 $347,857
    $<1k 1 $305,000 $305,000

    Fairway Funding Group's average total fees were $10,312, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 75 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 95 $33,155,000 $349,000
    7-8% 61 $22,615,000 $370,738
    5-6% 22 $8,180,000 $371,818
    Over 8% 9 $4,305,000 $478,333

    During 2023, Fairway Funding Group's average interest rate for loans was 6.95%, while their most frequently originated rate bucket for loans was 6-7%, with 95 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 104 $31,210,000 $300,096 $9,570 6.92%
    $400k-600k 48 $23,530,000 $490,208 $11,437 6.85%
    $100k-200k 19 $2,865,000 $150,789 $7,076 6.92%
    $600k-1MM 12 $7,950,000 $662,500 $14,279 6.79%
    $100,000 or less 2 $160,000 $80,000 $3,923 6.96%
    $1MM+ 2 $2,540,000 $1,270,000 $33,157 8.99%

    2023 saw Fairway Funding Group place emphasis on $200k-400k loans with 104 originations, totaling $31,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 44 $16,190,000 $367,955 $11,565 6.87%
    $150k-250k 44 $19,870,000 $451,591 $10,051 6.82%
    $75k-100k 33 $9,665,000 $292,879 $10,227 6.99%
    $250k+ 31 $14,695,000 $474,032 $11,139 7.21%
    $50k-75k 29 $6,905,000 $238,103 $8,491 6.64%
    $50k or less 6 $930,000 $155,000 $7,143 7.41%

    Fairway Funding Group lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $150k-250k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 29 $9,655,000 $332,931 $9,113 6.92%
    50-60% 20 $6,920,000 $346,000 $12,446 6.54%
    20-30% 19 $5,965,000 $313,947 $8,095 6.77%
    <20% 15 $5,695,000 $379,667 $9,733 7.26%
    44% 13 $6,295,000 $484,231 $15,333 6.88%
    48% 13 $4,405,000 $338,846 $8,980 7.08%
    40% 10 $4,100,000 $410,000 $10,251 7.24%
    42% 9 $3,865,000 $429,444 $7,134 7.01%
    43% 9 $2,855,000 $317,222 $9,786 7.08%
    39% 7 $2,505,000 $357,857 $11,205 7.32%
    45% 7 $2,615,000 $373,571 $11,797 6.69%
    49% 7 $2,205,000 $315,000 $10,859 6.84%
    36% 6 $2,110,000 $351,667 $9,868 6.71%
    37% 6 $3,110,000 $518,333 $12,478 6.83%
    38% 5 $1,575,000 $315,000 $8,422 6.50%
    47% 4 $1,310,000 $327,500 $9,092 6.75%
    41% 4 $1,250,000 $312,500 $7,977 6.97%
    46% 4 $1,820,000 $455,000 $12,983 7.47%

    Fairway Funding Group lent most frequently to those with DTI ratios of 30-36%, with 29 originations. The next most common DTI ratio? 50-60%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 168 $60,420,000 $359,643 $10,137 6.92%
    Black 6 $2,260,000 $376,667 $10,364 6.93%
    Not provided 7 $2,175,000 $310,714 $10,318 6.80%
    Native Hawaiian or Islander 1 $1,295,000 $1,295,000 $29,308 8.99%
    Asian 3 $1,105,000 $368,333 $5,781 6.95%
    Other Pacific Islander 1 $605,000 $605,000 $31,236 5.50%
    American Indian 1 $395,000 $395,000 $5,325 6.63%

    Approval Rates

    Total approvals of all applications
    95.24%

    Fairway Funding Group 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
    82.35%

    Fairway Funding Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 187 $68,255,000 $365,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    187 $68,255,000 $365,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $3,960,000 $247,500 $6,153 6.74%
    40-60% 31 $9,165,000 $295,645 $8,772 6.87%
    60-80% 59 $24,705,000 $418,729 $10,387 7.10%
    80-100% 80 $30,350,000 $379,375 $11,639 6.85%
    Under 20% 1 $75,000 $75,000 $3,848 6.30%