Cardinal Financial Mortgage Review 2023

How Bankrate scored Cardinal Financial

To determine Cardinal Financial’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Cardinal Financial’s mortgage rates are in line with Bankrate’s averages. Like many lenders, it charges a flat fee on loans.

• Availability: Regardless of what state you live in, you can work with Cardinal Financial for a mortgage, provided you qualify. Notably, the lender offers many types of loans, some for unique circumstances, and generally has lower minimum credit thresholds.

• Borrower experience: Cardinal Financial stands out for its digital mortgage platform, a user-friendly system which takes you through the lending process step by step.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability: Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable. 

  • Availability: What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products. 

  • Borrower experience: Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support. 

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

Cardinal Financial offers competitive interest rates on a diverse range of home financing products. To compare its costs to others, however, you’ll need to request a quote. (Many other lenders provide rates upfront online, or allow you to request a quote without waiting for a loan officer to contact you.) As far as fees, Cardinal charges a flat $1,490 per loan. The lender participates in a variety of programs for first-time homebuyers, including down payment assistance initiatives.

Availability: 5/5

Cardinal Financial offers an impressively varied array of options, from conventional and government-insured loans to financing for special types of properties (think manufactured, rental and tiny homes). Cardinal also offers disaster relief loans.

Another highlight: Its credit score minimums are significantly lower than those of other lenders, at 580 for conventional and USDA loans and 550 for FHA and VA loans. If you don’t have a credit score, the lender also has the ability to manually underwrite government-insured loans.

Borrower experience: 4.3/5

Cardinal Financial has long emphasized a sensitivity to borrowers’ preferences, as evidenced in its pivoting from physical branches to online services. It has high marks from customers with the Better Business Bureau (and an A+ grade from the organization), plus a rating of “Excellent” from Trustpilot.

The lender doesn’t have a mobile app, but does provide calculators, a mortgage glossary, easily digestible answers to frequently asked questions about the mortgage process and a blog with even more resources online.

How to apply for a mortgage with Cardinal Financial

You can start a mortgage application with Cardinal Financial online, in-person or by phone. If you have questions about your loan, you can chat with a customer service representative through the lender’s website or by email (but if you’re already in contact with a loan officer, it might be better to reach out to the officer first). Cardinal Financial’s customer service hours are Monday through Friday, 8 a.m. to 8 p.m. ET.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Cardinal Financial

Homeowners can refinance a mortgage with Cardinal Financial, though as with the lender’s home purchase loans, you can’t view interest rates without requesting a quote and speaking with a loan officer. Nor does Cardinal provide information about the costs associated with refinancing online.

Frequently asked questions about Cardinal Financial

What is Octane?

Octane is Cardinal’s proprietary loan origination system. The technology guides you through the home loan process, from displaying loan options (complete with closing costs) to offering e-sign capability at the end. You can obtain prequalification or preapproval through the platform. If you do end up financing with Cardinal, Octane also offers a way to obtain your loan’s details and follow your account balance.