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 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 21 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.

    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% 4/21/24
    30 Year Conventional Refi 6.43% 4/21/24
    30 Year Cash-out Refi 6.49% 4/21/24
    30 Year FHA Purchase 6.84% 4/21/24
    30 Year VA Purchase 5.80% 4/21/24
    30 Year VA Refi 6.27% 4/21/24
    30 Year USDA Purchase 5.63% 4/21/24
    15 Year Conventional Purchase 5.70% 4/21/24
    15 Year Conventional Refi 5.86% 4/21/24
    15 Year Cash-out Refi 5.86% 4/21/24
    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

    986

    Origination Dollar Volume (All Markets)

    $292,960,000

    Awards

    FAIRWAY FUNDING GROUP 30 Year Conventional 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) 650 $198,330,000 $305,123 $5,771 3.24%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 107 $34,205,000 $319,673 $4,456 3.14%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 72 $19,050,000 $264,583 $5,926 3.37%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 53 $15,335,000 $289,340 $6,408 3.40%
    PUNTA GORDA, FL (FHA|USDA|VA) 42 $8,400,000 $200,000 $6,558 3.28%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 17 $5,365,000 $315,588 $5,803 3.15%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 14 $4,930,000 $352,143 $7,570 3.59%
    JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,335,000 $267,000 $4,662 3.23%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $925,000 $185,000 $5,362 3.02%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $810,000 $405,000 $4,860 3.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $690,000 $345,000 $5,108 3.06%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 3 $645,000 $215,000 $3,606 2.92%
    OCALA, FL (FHA|USDA|VA) 3 $615,000 $205,000 $4,149 3.58%
    Arcadia, FL (FHA|USDA|VA) 3 $555,000 $185,000 $6,495 3.79%
    Key West, FL (FHA|USDA|VA) 1 $395,000 $395,000 $3,003 2.75%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $320,000 $160,000 $5,678 3.81%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,953 3.38%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,644 3.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $235,000 $235,000 $12,195 3.49%
    Wauchula, FL (FHA|USDA|VA) 1 $165,000 $165,000 $7,983 3.25%
    Clewiston, FL (FHA|USDA|VA) 1 $135,000 $135,000 $6,935 3.63%
    Fairway Funding Group's top markets include North Port, Miami, Tampa, Cape Coral, and Punta Gorda 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.

    DADE COUNTY FEDERAL CREDIT UNION
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    METROPLEX MORTGAGE SERVICES, INC.
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    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 1972
    RAILROAD & INDUSTRIAL
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    Florida Home Trust Mortgage, Inc.
    Similarity Rank: 2127
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 754 $223,260,000 $296,101 $4,991 3.31%
    FHA 114 $27,440,000 $240,702 $9,153 3.29%
    VA 109 $39,695,000 $364,174 $7,088 2.88%
    HELOC 5 $1,605,000 $321,000 n/a 3.07%
    USDA 4 $960,000 $240,000 $7,041 3.81%

    For 2020, Fairway Funding Group's most frequently originated type of loan was Conventional, with 754 originations. Their 2nd most popular type was FHA, with 114 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 522 $153,910,000 $294,847 $6,806 3.37%
    Refi 343 $105,205,000 $306,720 $4,378 3.02%
    Cash Out Refi 120 $33,450,000 $278,750 $4,792 3.46%
    Home Improvement 1 $395,000 $395,000 $3,003 2.75%

    For 2020, Fairway Funding Group's most frequently cited loan purpose was Home Purchase, with 522 originations. The 2nd most popular reason was Refi, with 343 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 883 $263,885,000 $298,851 $5,842 3.28%
    15 Year 69 $18,925,000 $274,275 $4,713 2.89%
    20 Year 15 $3,935,000 $262,333 $4,557 3.30%
    Other 14 $4,850,000 $346,429 $3,547 2.89%
    5 Year 3 $985,000 $328,333 $7,927 6.56%
    10 Year 2 $380,000 $190,000 $4,958 2.81%

    For 2020, Fairway Funding Group's most frequently cited loan duration was 30 Year, with 883 originations. The 2nd most popular length was 15 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 382 $103,420,000 $270,733
    $1k-2k 341 $103,305,000 $302,947
    $3k-4k 64 $15,210,000 $237,656
    $<1k 51 $17,935,000 $351,667
    $5k+ 51 $20,825,000 $408,333
    $4k-5k 32 $8,400,000 $262,500

    Fairway Funding Group's average total fees were $5,842, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 382 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 469 $136,275,000 $290,565
    2.5-3% 387 $118,815,000 $307,016
    <2.5% 59 $20,355,000 $345,000
    4-5% 56 $13,440,000 $240,000
    5-6% 10 $2,860,000 $286,000
    6-7% 4 $870,000 $217,500
    7-8% 1 $345,000 $345,000

    During 2020, Fairway Funding Group's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 469 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 594 $168,510,000 $283,687 $5,625 3.23%
    $100k-200k 206 $33,030,000 $160,340 $4,942 3.37%
    $400k-600k 163 $76,755,000 $470,890 $6,331 3.15%
    $600k-1MM 13 $10,225,000 $786,538 $11,469 3.25%
    $100,000 or less 7 $545,000 $77,857 $4,621 4.77%
    $1MM+ 3 $3,895,000 $1,298,333 $21,231 3.42%

    2020 saw Fairway Funding Group place emphasis on $200k-400k loans with 594 originations, totaling $168,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 222 $67,530,000 $304,189 $5,462 3.28%
    $50k-75k 201 $45,915,000 $228,433 $6,001 3.24%
    $150k-250k 172 $61,610,000 $358,198 $5,587 3.25%
    $75k-100k 168 $46,510,000 $276,845 $5,705 3.34%
    $50k or less 144 $35,960,000 $249,722 $5,217 3.15%
    $250k+ 78 $35,140,000 $450,513 $7,031 3.25%

    Fairway Funding Group lent most frequently to those with incomes in the $100k-150k range, with 222 originations. The second most popular income band? $50k-75k, with 201 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 192 $57,720,000 $300,625 $5,050 3.23%
    30-36% 167 $52,215,000 $312,665 $5,615 3.20%
    <20% 128 $41,280,000 $322,500 $4,956 3.07%
    38% 43 $13,235,000 $307,791 $5,615 3.22%
    42% 41 $11,825,000 $288,415 $5,606 3.43%
    41% 39 $10,695,000 $274,231 $5,754 3.34%
    43% 39 $11,845,000 $303,718 $5,966 3.44%
    46% 38 $11,170,000 $293,947 $6,243 3.14%
    37% 37 $11,115,000 $300,405 $6,803 3.46%
    40% 35 $11,425,000 $326,429 $5,780 3.22%
    50-60% 34 $8,900,000 $261,765 $8,293 3.18%
    36% 31 $8,265,000 $266,613 $6,234 3.26%
    45% 30 $8,350,000 $278,333 $6,980 3.41%
    39% 30 $7,730,000 $257,667 $5,600 3.40%
    47% 28 $7,510,000 $268,214 $6,134 3.32%
    44% 28 $7,790,000 $278,214 $6,165 3.36%
    48% 22 $5,310,000 $241,364 $5,481 3.27%
    49% 19 $5,555,000 $292,368 $6,053 3.37%
    >60% 5 $1,025,000 $205,000 $8,395 4.52%

    Fairway Funding Group lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 167 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 928 $274,620,000 $295,927 $5,714 3.27%
    Black 20 $6,540,000 $327,000 $6,600 3.11%
    Not provided 21 $6,135,000 $292,143 $5,304 2.99%
    Asian 14 $5,050,000 $360,714 $5,507 3.07%
    American Indian 2 $400,000 $200,000 $6,290 2.75%
    Native Hawaiian or Islander 1 $215,000 $215,000 $4,876 3.38%

    Approval Rates

    Total approvals of all applications
    97.15%

    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
    90.57%

    Fairway Funding Group has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 986 $292,960,000 $297,120

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $320,000 $160,000
    Single Family (1-4 Units):Site-Built 984 $292,640,000 $297,398

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $7,185,000 $247,759 $4,511 3.09%
    40-60% 141 $37,935,000 $269,043 $4,270 3.08%
    60-80% 399 $121,595,000 $304,749 $4,947 3.26%
    80-100% 401 $121,655,000 $303,379 $6,822 3.31%
    Over 100% 14 $4,470,000 $319,286 $12,888 3.35%
    Under 20% 2 $120,000 $60,000 $0 6.60%