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Frequently asked questions

When should I apply for a loan?


You should apply for a loan when you feel you are ready to start the process of having your documentation reviewed by the lending team.




What happens when I apply for a loan?


When you submit a loan application, a member of our team will reach out to you to set up an initial phone call and ask some initial questions.




Is owning a home better than renting?


It all depends on your current financial situation, the market you live in and what options you would be looking at. Our team can help you determine what is the best option for you!




How much should I have saved for a down payment?


Each loan program is different in the minimum amount you can put down for a loan. For example, a conventional loan allows for minimum 3% down. Each loan also has credit requirements, income requirements and things that a loan officer can review with you. That being said, if you are ready to begin the process of seeing if homeownership is right for you, our team can help figure out if you're ready or coach you to get there.




What kinds of loan programs do you offer?


We offer a variety of loan products! Conventional, FHA, VA, USDA, Rate & Term/Cash Out Refinance, Renovation & Reverse Mortgage loans. Also, you can explore the full Fairway website that explains some of the additional resources that are offered. If you have a unique question about something not spelled out on our website, please reach out and we will be happy to help.




I'm ready to buy a home, but I am self-employed. Can I qualify?


There are certain requirements for self-employed buyers and it all depends on your income history and if you think it will continue to be consistent. If you're interested in learning more, we can provide some specifics.




How can I improve my credit score?


We have lots of credit repair resources and tips! If you would like to talk more in depth about your current situation, let's schedule a talk to see how we can assist.




I'm interested in getting pre-approved for a purchase. How can I do that?


If you would like to get pre-approved (and are not a past client), please reach out to schedule a time to talk about your goals. Our team need a formal application and documentation for pre-approvals. Past clients may send requests to taliaferroteam@fairwaymc.com. We appreciate as much advance notice, when possible.




If I do my loan with Fairway, will it also be serviced by Fairway?


Not always. If you do a loan with Fairway, it may be serviced by us or it maybe serviced by another company. After you close on your loan, you can use our service FairwayNEXT to monitor your loan, payment due dates, and servicing information. Our team can help you with that process.