Fairway Funding Group Mortgage Rates, Fees & Info

Sarasota, FL

LEI: 549300S19BPWGHQOYU13

Tax ID: 65-1038507

2.6 stars - Updated: 4/5/25 - out of 5 stars, based on 13 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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. Their top markets by origination volume include: North Port, Tampa, Charleston, Miami, and Cape Coral among others. We have data for 16 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 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 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.

    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 7.05% 4/5/25
    30 Year Conventional Refi 6.35% 4/5/25
    30 Year Cash-out Refi 7.58% 4/5/25
    30 Year FHA Purchase 7.05% 4/5/25
    30 Year FHA Refi 6.72% 4/5/25
    30 Year VA Purchase 6.30% 4/5/25
    30 Year VA Refi 5.40% 4/5/25
    15 Year Conventional Purchase 6.47% 4/5/25
    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

    163

    Origination Dollar Volume (All Markets)

    $63,105,000

    Awards

    FAIRWAY FUNDING GROUP VA Loans bronze
    Show all (1) awards

    Relative Rate

    Fairway Funding Group's average 30 year fixed mortgage rate was 6.81%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.26%.

    Relative Fees (Closing Costs)

    Fairway Funding Group's average total fees/closing costs for a 30 year fixed rate mortgage were $9,984.

    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 $8,356.

    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) 118 $42,750,000 $362,288 $9,377 6.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 13 $5,575,000 $428,846 $9,778 6.58%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $2,965,000 $2,965,000 $49,639 6.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $2,945,000 $589,000 $10,618 7.02%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,510,000 $418,333 $13,472 7.62%
    PUNTA GORDA, FL (FHA|USDA|VA) 6 $2,000,000 $333,333 $12,831 6.77%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $840,000 $420,000 $14,233 6.62%
    Outside of Metro Areas 2 $740,000 $370,000 $15,737 6.44%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $530,000 $265,000 $9,862 7.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $485,000 $485,000 $12,427 8.99%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $480,000 $240,000 $4,550 6.75%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $445,000 $445,000 $6,562 6.88%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $315,000 $315,000 $5,577 6.75%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $245,000 $245,000 $8,230 8.88%
    OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $5,247 6.63%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,821 6.63%
    Fairway Funding Group's top markets include North Port, Tampa, Charleston, Miami, and Cape Coral among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • South Carolina (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.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 84
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 96
    SAN ANTONIO CITIZENS
    Similarity Rank: 156
    POWER FINANCIAL
    Similarity Rank: 270
    FIRSTBANK PUERTO RICO
    Similarity Rank: 672
    NEAL COMMUNITIES FUNDING, LLC
    Similarity Rank: 764
    First Home Bank
    Similarity Rank: 784
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 798
    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 920
    GLENDENNING MORTGAGE CORPORATION
    Similarity Rank: 1012

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 119 $44,195,000 $371,387 $8,534 7.05%
    FHA 32 $11,180,000 $349,375 $13,998 6.21%
    VA 12 $7,730,000 $644,167 $13,438 5.99%

    For 2024, Fairway Funding Group's most frequently originated type of loan was Conventional, with 119 originations. Their 2nd most popular type was FHA, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 148 $58,410,000 $394,662 $10,104 6.79%
    Cash Out Refi 13 $3,775,000 $290,385 $9,504 7.27%
    Refi 2 $920,000 $460,000 $2,862 5.44%

    For 2024, Fairway Funding Group's most frequently cited loan purpose was Home Purchase, with 148 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 161 $62,545,000 $388,478 $9,984 6.81%
    15 Year 2 $560,000 $280,000 $8,652 6.37%

    For 2024, Fairway Funding Group's most frequently cited loan duration was 30 Year, with 161 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 48 $20,530,000 $427,708
    $2k-3k 46 $18,600,000 $404,348
    $1k-2k 26 $10,220,000 $393,077
    $3k-4k 18 $5,260,000 $292,222
    $4k-5k 18 $5,500,000 $305,556
    $<1k 5 $2,185,000 $437,000

    Fairway Funding Group's average total fees were $9,984, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 48 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 97 $33,835,000 $348,814
    7-8% 33 $13,645,000 $413,485
    5-6% 24 $11,650,000 $485,417
    Over 8% 9 $3,975,000 $441,667

    During 2024, Fairway Funding Group's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 97 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 77 $23,155,000 $300,714 $9,019 6.73%
    $400k-600k 43 $19,935,000 $463,605 $11,090 6.73%
    $100k-200k 24 $3,530,000 $147,083 $6,479 7.02%
    $600k-1MM 15 $10,875,000 $725,000 $12,445 6.95%
    $1MM+ 3 $5,535,000 $1,845,000 $34,306 7.42%
    $100,000 or less 1 $75,000 $75,000 $8,322 6.75%

    2024 saw Fairway Funding Group place emphasis on $200k-400k loans with 77 originations, totaling $23,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 41 $18,155,000 $442,805 $9,628 6.66%
    $100k-150k 38 $12,370,000 $325,526 $8,825 6.69%
    $250k+ 27 $16,965,000 $628,333 $13,386 7.25%
    $75k-100k 27 $7,945,000 $294,259 $9,667 6.72%
    $50k-75k 18 $4,290,000 $238,333 $9,722 6.52%
    $50k or less 11 $3,175,000 $288,636 $7,991 7.19%

    Fairway Funding Group lent most frequently to those with incomes in the $150k-250k range, with 41 originations. The second most popular income band? $100k-150k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $13,645,000 $440,161 $9,793 6.96%
    50-60% 21 $7,535,000 $358,810 $12,843 6.28%
    30-36% 18 $5,470,000 $303,889 $8,016 6.90%
    45% 11 $4,265,000 $387,727 $8,797 6.91%
    <20% 10 $3,660,000 $366,000 $9,333 7.04%
    42% 9 $3,405,000 $378,333 $8,583 6.79%
    40% 9 $2,675,000 $297,222 $7,038 7.21%
    44% 7 $2,995,000 $427,857 $13,301 6.75%
    41% 6 $2,320,000 $386,667 $9,616 7.00%
    43% 6 $2,320,000 $386,667 $9,436 6.83%
    48% 6 $2,240,000 $373,333 $8,249 6.62%
    37% 6 $1,380,000 $230,000 $8,055 6.44%
    38% 5 $1,925,000 $385,000 $14,069 6.50%
    47% 4 $1,640,000 $410,000 $8,052 7.12%
    39% 4 $1,400,000 $350,000 $7,601 6.59%
    46% 3 $995,000 $331,667 $12,252 7.54%
    49% 3 $3,925,000 $1,308,333 $23,699 6.83%
    36% 3 $925,000 $308,333 $5,028 6.87%
    >60% 1 $385,000 $385,000 $15,361 5.88%

    Fairway Funding Group lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 50-60%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 150 $58,150,000 $387,667 $10,090 6.83%
    Black 5 $1,995,000 $399,000 $9,359 6.17%
    Not provided 4 $1,140,000 $285,000 $8,083 6.59%
    Asian 2 $820,000 $410,000 $5,764 7.01%
    Asian Indian 1 $725,000 $725,000 $9,608 6.99%
    Native Hawaiian or Islander 1 $275,000 $275,000 $10,996 6.75%

    Approval Rates

    Total approvals of all applications
    93.69%

    Fairway Funding Group has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.60%

    Fairway Funding Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 163 $63,105,000 $387,147

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    163 $63,105,000 $387,147

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $3,645,000 $243,000 $7,311 7.22%
    40-60% 21 $5,615,000 $267,381 $7,313 6.85%
    60-80% 46 $19,280,000 $419,130 $9,598 7.00%
    80-100% 76 $33,440,000 $440,000 $11,280 6.61%
    Over 100% 2 $840,000 $420,000 $21,298 6.00%
    Under 20% 3 $285,000 $95,000 $6,700 6.96%