Fairway Funding Group Mortgage Rates, Fees & InfoSarasota, FL
Tax ID: 65-1038507
Review & OverviewFairway Funding Group is a smaller mortgage company specializing in Home Purchase and Refi 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, Miami, Tampa, Cape Coral, and Punta Gorda among others. We have data for 28 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 an above 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.62%||10/3/22|
|30 Year Conventional Refi||6.39%||10/3/22|
|30 Year Cash-out Refi||6.57%||10/3/22|
|30 Year FHA Purchase||7.24%||10/3/22|
|30 Year FHA Refi||7.08%||10/3/22|
|30 Year VA Purchase||6.27%||10/3/22|
|30 Year VA Refi||5.78%||10/3/22|
|30 Year USDA Purchase||7.09%||10/3/22|
|15 Year Conventional Purchase||6.13%||10/3/22|
|15 Year Conventional Refi||6.05%||10/3/22|
|15 Year Cash-out Refi||6.05%||10/3/22|
|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.|
Origination Dollar Volume (All Markets)$298,185,000
Fairway Funding Group 's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.03%.
Relative Fees (Closing Costs)
Fairway Funding Group 's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,204.
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 $4,750.
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)||586||$202,880,000||$346,212||$6,072||3.06%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||88||$32,680,000||$371,364||$5,587||3.04%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||63||$20,955,000||$332,619||$6,628||3.09%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||37||$12,455,000||$336,622||$6,566||3.37%|
|PUNTA GORDA, FL (FHA|USDA|VA)||25||$6,045,000||$241,800||$5,998||3.29%|
|NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)||14||$5,990,000||$427,857||$6,504||3.06%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||11||$3,335,000||$303,182||$4,762||2.95%|
|PORT ST. LUCIE, FL (FHA|USDA|VA)||7||$2,425,000||$346,429||$6,093||2.87%|
|NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA)||2||$1,520,000||$760,000||$5,839||2.94%|
|Arcadia, FL (FHA|USDA|VA)||6||$1,210,000||$201,667||$6,176||3.02%|
|JACKSONVILLE, FL (FHA|USDA|VA)||4||$1,210,000||$302,500||$8,844||3.16%|
|HOMOSASSA SPRINGS, FL (FHA|USDA|VA)||4||$1,100,000||$275,000||$6,094||2.94%|
|LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)||5||$995,000||$199,000||$3,899||3.07%|
|OCALA, FL (FHA|USDA|VA)||3||$735,000||$245,000||$4,884||3.33%|
|Key West, FL (FHA|USDA|VA)||1||$605,000||$605,000||$4,090||3.00%|
|PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA)||2||$540,000||$270,000||$4,859||4.00%|
|PANAMA CITY, FL (FHA|USDA|VA)||1||$525,000||$525,000||$7,038||3.00%|
|SEBRING-AVON PARK, FL (FHA|USDA|VA)||2||$370,000||$185,000||$5,088||3.25%|
|GAINESVILLE, FL (FHA|USDA|VA)||1||$365,000||$365,000||$4,462||2.88%|
|KNOXVILLE, TN (FHA|USDA|VA)||1||$355,000||$355,000||$4,963||3.00%|
|Outside of Metro Areas||2||$320,000||$160,000||$2,771||5.52%|
|DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA)||2||$320,000||$160,000||$4,570||2.88%|
|Sebastian-Vero Beach, FL (FHA|USDA|VA)||1||$305,000||$305,000||$4,961||2.99%|
|PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA)||1||$235,000||$235,000||$3,448||2.25%|
|MORRISTOWN, TN (FHA|USDA|VA)||1||$225,000||$225,000||$8,043||3.00%|
|CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA)||1||$215,000||$215,000||$4,106||2.25%|
|Wauchula, FL (FHA|USDA|VA)||1||$165,000||$165,000||$3,263||2.99%|
|McMinnville, TN (FHA|USDA|VA)||1||$105,000||$105,000||$4,054||3.13%|
Fairway Funding Group 's top markets include North Port, Miami, Tampa, Cape Coral, and Punta Gorda among others.
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Fairway Funding Group 's most frequently originated type of loan was Conventional, with 760 originations. Their 2nd most popular type was VA, with 56 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||151||$48,255,000||$319,570||$5,559||3.12%|
For 2021, Fairway Funding Group 's most frequently cited loan purpose was Home Purchase, with 500 originations. The 2nd most popular reason was Refi, with 222 originations.
For 2021, Fairway Funding Group 's most frequently cited loan duration was 30 Year, with 791 originations. The 2nd most popular length was 15 Year, with 54 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Fairway Funding Group 's average total fees were $6,204, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 386 originations.
During 2021, Fairway Funding Group 's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 416 originations.
2021 saw Fairway Funding Group place emphasis on $200k-400k loans with 485 originations, totaling $141,115,000 in origination value.
Fairway Funding Group lent most frequently to those with incomes in the $100k-150k range, with 204 originations. The second most popular income band? $50k-75k, with 182 originations.
Applicant Debt to Income Ratio
Fairway Funding Group lent most frequently to those with DTI ratios of 20-30%, with 175 originations. The next most common DTI ratio? 30-36%, with 169 originations.
Approval RatesTotal approvals of all applications
Fairway Funding Group has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Fairway Funding Group has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|