Fairway Funding Group Mortgage Rates, Fees & Info

Sarasota, FL

LEI: 549300S19BPWGHQOYU13

Tax ID: 65-1038507

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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. They have a low ratio of USDA loans. Their top markets by origination volume include: North Port, Tampa, Miami, Cape Coral, and Naples among others. We have data for 19 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.61% 1/26/25
    30 Year Conventional Refi 6.43% 1/26/25
    30 Year Cash-out Refi 6.49% 1/26/25
    30 Year FHA Purchase 6.84% 1/26/25
    30 Year VA Purchase 5.80% 1/26/25
    30 Year VA Refi 6.27% 1/26/25
    30 Year USDA Purchase 5.63% 1/26/25
    15 Year Conventional Purchase 5.70% 1/26/25
    15 Year Conventional Refi 5.86% 1/26/25
    15 Year Cash-out Refi 5.86% 1/26/25
    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

    740

    Origination Dollar Volume (All Markets)

    $205,440,000

    Awards

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

    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) 465 $134,315,000 $288,849 $6,397 4.41%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 68 $17,640,000 $259,412 $6,658 4.49%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 56 $17,330,000 $309,464 $6,589 4.33%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 49 $12,805,000 $261,327 $7,661 5.01%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 26 $8,040,000 $309,231 $9,052 4.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 43 $7,915,000 $184,070 $5,945 4.76%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 11 $2,455,000 $223,182 $6,708 4.36%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $1,220,000 $203,333 $5,406 4.17%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $765,000 $255,000 $5,314 4.58%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $645,000 $215,000 $6,108 3.63%
    Key West, FL (FHA|USDA|VA) 1 $405,000 $405,000 $14,254 4.25%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $385,000 $385,000 $12,959 8.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $5,130 4.00%
    Wauchula, FL (FHA|USDA|VA) 2 $300,000 $150,000 $6,883 4.19%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $245,000 $245,000 $2,801 4.75%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,027 4.25%
    Outside of Metro Areas 1 $215,000 $215,000 $4,789 4.25%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,375 5.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $75,000 $75,000 $4,407 5.25%
    Fairway Funding Group's top markets include North Port, Tampa, Miami, Cape Coral, and Naples among others.

    Their top states include:
  • Florida (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.

    POWER FINANCIAL
    Similarity Rank: 188
    We Florida Financial
    Similarity Rank: 572
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 755
    SOUTH FLORIDA EDUCATIONAL
    Similarity Rank: 940
    RAILROAD & INDUSTRIAL
    Similarity Rank: 1056
    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 1080
    SAN ANTONIO CITIZENS
    Similarity Rank: 1105
    BANKING MORTGAGE SERVICES, B.M.S. CORP.
    Similarity Rank: 1230
    Brannen Bank
    Similarity Rank: 1265
    FAIRWINDS CREDIT UNION
    Similarity Rank: 1281

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 505 $144,065,000 $285,277 $5,607 4.64%
    FHA 166 $38,740,000 $233,373 $9,000 4.14%
    VA 65 $21,795,000 $335,308 $7,938 4.01%
    USDA 3 $635,000 $211,667 $6,717 4.38%
    HELOC 1 $205,000 $205,000 n/a 5.99%

    For 2019, Fairway Funding Group's most frequently originated type of loan was Conventional, with 505 originations. Their 2nd most popular type was FHA, with 166 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 585 $161,805,000 $276,590 $6,964 4.47%
    Cash Out Refi 84 $20,780,000 $247,381 $5,323 4.91%
    Refi 71 $22,855,000 $321,901 $4,904 4.02%

    For 2019, Fairway Funding Group's most frequently cited loan purpose was Home Purchase, with 585 originations. The 2nd most popular reason was Cash Out Refi, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 687 $192,605,000 $280,357 $6,599 4.44%
    15 Year 24 $5,580,000 $232,500 $4,628 3.87%
    Other 15 $3,665,000 $244,333 $8,797 5.61%
    20 Year 7 $1,585,000 $226,429 $4,754 4.09%
    5 Year 6 $1,640,000 $273,333 $9,984 8.88%
    10 Year 1 $365,000 $365,000 $1,779 2.63%

    For 2019, Fairway Funding Group's most frequently cited loan duration was 30 Year, with 687 originations. The 2nd most popular length was 15 Year, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 379 $103,805,000 $273,892
    $2k-3k 212 $53,790,000 $253,726
    $3k-4k 39 $7,765,000 $199,103
    $5k+ 37 $16,265,000 $439,595
    $4k-5k 31 $7,365,000 $237,581
    $<1k 13 $5,525,000 $425,000

    Fairway Funding Group's average total fees were $6,599, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 379 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 359 $96,465,000 $268,705
    3-4% 277 $81,165,000 $293,014
    5-6% 64 $16,750,000 $261,719
    7-8% 14 $4,260,000 $304,286
    6-7% 12 $2,960,000 $246,667
    Over 8% 12 $3,210,000 $267,500
    2.5-3% 2 $630,000 $315,000

    During 2019, Fairway Funding Group's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 359 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 398 $110,030,000 $276,457 $6,978 4.36%
    $100k-200k 211 $33,515,000 $158,839 $5,416 4.60%
    $400k-600k 97 $45,055,000 $464,485 $6,865 4.39%
    $100,000 or less 15 $1,125,000 $75,000 $4,638 5.78%
    $600k-1MM 15 $10,665,000 $711,000 $9,692 4.83%
    $1MM+ 4 $5,050,000 $1,262,500 $17,021 4.81%

    2019 saw Fairway Funding Group place emphasis on $200k-400k loans with 398 originations, totaling $110,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $48,720,000 $293,494 $6,258 4.43%
    $50k-75k 161 $36,015,000 $223,696 $6,654 4.31%
    $75k-100k 129 $32,025,000 $248,256 $6,714 4.45%
    $50k or less 114 $22,830,000 $200,263 $6,695 4.65%
    $150k-250k 110 $38,970,000 $354,273 $6,546 4.44%
    $250k+ 60 $26,880,000 $448,000 $6,860 4.81%

    Fairway Funding Group lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $50k-75k, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 120 $32,400,000 $270,000 $5,952 4.46%
    20-30% 103 $29,135,000 $282,864 $5,814 4.31%
    50-60% 78 $20,190,000 $258,846 $8,913 4.24%
    <20% 54 $15,750,000 $291,667 $6,130 5.02%
    42% 36 $10,460,000 $290,556 $7,029 4.73%
    45% 31 $7,985,000 $257,581 $6,973 4.40%
    44% 30 $8,010,000 $267,000 $7,039 4.34%
    43% 28 $7,990,000 $285,357 $6,110 4.23%
    40% 28 $6,630,000 $236,786 $6,355 4.52%
    47% 27 $6,945,000 $257,222 $5,657 4.15%
    46% 26 $8,560,000 $329,231 $7,080 4.28%
    37% 26 $6,950,000 $267,308 $6,258 4.44%
    38% 25 $8,025,000 $321,000 $6,181 4.52%
    48% 23 $5,545,000 $241,087 $5,694 4.17%
    36% 23 $7,725,000 $335,870 $5,719 4.47%
    41% 20 $5,080,000 $254,000 $5,923 4.79%
    39% 20 $5,250,000 $262,500 $6,500 4.62%
    49% 18 $3,940,000 $218,889 $7,855 4.06%
    >60% 10 $3,520,000 $352,000 $7,892 5.02%

    Fairway Funding Group lent most frequently to those with DTI ratios of 30-36%, with 120 originations. The next most common DTI ratio? 20-30%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 680 $189,280,000 $278,353 $6,489 4.47%
    Black 41 $11,085,000 $270,366 $8,176 4.46%
    Asian 16 $4,430,000 $276,875 $6,763 4.85%
    Not provided 3 $645,000 $215,000 $5,473 4.71%

    Approval Rates

    Total approvals of all applications
    95.13%

    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
    89.46%

    Fairway Funding Group has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 740 $205,440,000 $277,622

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 739 $205,355,000 $277,882

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $6,045,000 $208,448 $5,465 4.76%
    40-60% 55 $14,595,000 $265,364 $5,268 4.57%
    60-80% 235 $65,515,000 $278,787 $5,568 4.65%
    80-100% 406 $115,000,000 $283,251 $7,350 4.34%
    Over 100% 12 $3,810,000 $317,500 $9,858 3.91%
    Under 20% 2 $50,000 $25,000 $2,150 7.95%