Fairway Independent Mortgage Physician Mortgage Loans

The Physician Mortgage Process—Locking in Your Interest Rate

Fairway Independent Mortgage Physician Mortgage Loans
Fairway Independent Mortgage Physician Mortgage Loans
Fairway Independent Mortgage Physician Mortgage Loans

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Knowing When to Lock in Your Mortgage Rate

The process of pre-approval, application, and closing on a physician mortgage can be lengthy and complicated. But the light at the end of the tunnel is your new home—and hopefully a great interest rate too! With fluctuating interest rates, it is intimidating to decide when to “pull the trigger” and commit to one rate. Assuming you make no considerable revisions to your loan terms (i.e. modify the down payment amount, a decrease in your credit score, or a lower appraisal on the property), you can are usually “lock” your interest rate for 30-60 days while the loan process is completed. Most mortgage rates are locked in when the buyer accepts the loan offer. No lender has a crystal ball, rates can change overnight, and you likely wonder if you should go ahead and lock your rate in immediately or take a chance that rates could go down in the near future.

Loan Lock Caveats

Although most loans are completed and properties closed within a 60-day period, it is important for you to keep the process moving along to avoid a lock expiration (especially if rates have risen during that time) before closing. In some instances, the lender may offer a “float down” policy, allowing you to take advantage of a lower interest rate should rates drop during the application process. This could come with a fee, a minimum drop in rates, and/or further documentation requests, so be sure to get all details in writing and calculate the costs when comparing the fee for a lock and/or extension vs. a higher interest rate.

Questions to Ask Potential Lenders about Rate Locks

  • When can I lock the rate in?
  • Do you have a “float down” policy?
  • How long will you lock the rate?
  • Is there a fee for a rate lock and if so, what is it?
  • What does a rate lock extension cost?

The Lenders

In our series on physician mortgage providers, we introduce medical professionals to some of the best physician-focused mortgage programs with terms exclusive to a variety of doctors and dentists. Physician mortgage lending is a unique area of the financial industry, with specialized terms and features not available to other home buyers. We share information about different mortgage programs so buy doctors can sort through potential lenders to find the right fit for their needs. A lender which focuses specifically on medical professionals, Fairway Independent Mortgage Corporation provides personalized lending to doctors around the county.

Established in 1996 as a mortgage provider in Madison, Wisconsin, the blossoming company expanded into Texas by 2004 and had grown to 500 team members by 2009. By 2012, it was licensed in 45 states and servicing over $6 billion in mortgages. It continued to grow in popularity and size, reaching 2,000 team members by the end of 2014. Recognized in 2015 by Mortgage Executive Magazine as the #1 company to work for and in 2016 as tenth in the Top 100 Mortgage Companies, Fairway continues to offer outstanding customer service and a physician mortgage program with options for residents &; fellows, attending physicians &; self-employed physicians in the retail lending market. Today it has over 7,000 employees in more than 400 branch locations, serving all 50 states, making it a great choice for physician mortgage borrowers looking for multiple options in loan terms. Fairway offers online and application-based mortgage applications, an extensive directory of branches and loan officers, and partners with mortgage brokers so you can find a personal loan officer to guide you through the process.

Get started

The Fairway Independent Physician Mortgage Program include a variety of features, including:

Minimum Credit Score

Not available

Loan Amounts For Residents & Fellows

Loan amounts up to $2,000,000, 95% loan-to-value
Close within 60 days of new employment

Loan Amounts For Practicing Physicians

Loan amounts up to $2,000,000, 95% loan-to-value
Must be within 10 years of completing their original residency or fellowship


No mortgage insurance (PMI)
Primary residence only
Single family homes, condos allowed
Purchase and refinance rates available
6 months reserves required
Gifts funds alllowed after borrower 5% of borrowers own funds
Licensed medical residents who are employed in residency or fellowship are eligible

With extensive support videos to help you understand details specific to the stage of your medical career and how it relates to home mortgages, Fairway Independent Mortgage Corporation aims to educate and support physician borrowers. Visit the Fairway Independent Mortgage Corporation site to learn more. For our complete list of physician mortgage providers, please visit our site here.

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