Sebonic Financial Mortgage Review 2022
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At a glance

NMLS: 66247
State License: MC-1825
4.0
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate; rate-and-term refinancing; interest-onlyNationwide availability
Available in all U.S. statesMin. credit score required
620 for conventional loans; 550 for FHA loansPros and cons
Pros
- Proprietary system streamlines the loan process
- Offers interest-only jumbo ARMs
Cons
- No information about rates or costs online
- Limited customer service hours
- No home equity lines of credit (HELOCs) or home equity loans
Sebonic Financial overview
Sebonic Financial is a privately held lender based in Charlotte, North Carolina, and is a division of Cardinal Financial. Octane, the lender's innovative proprietary technology, aims to transform mortgage lending into a seamless experience. Loans processed through this technology are quick to close, according to the lender, with drag-and-drop document capability, e-sign and real-time status updates for maximum convenience and transparency. Sebonic doesn't disclose how long it takes to get preapproved or to close on your loan, but applicants will know their loan status at every critical checkpoint through the Octane platform.
Good for
Borrowers looking for standard mortgage options or who prefer an online experience and quick closing
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Rate-and-term refinancing
- Interest-only
Lender fees
Sebonic Financial does not provide lender fee information on its website.
Rates
Sebonic Financial doesn’t publicly advertise interest rates on its website. While you can request a rate quote online, you won’t receive it until after you’ve spoken with a loan officer. In some cases, other lenders allow you to view rates online and get a quote without needing to consult with a rep.
Reputation
Sebonic Financial has a rating of 3.8 out of five stars on Trustpilot, and more than 70 percent of customers gave it an “Excellent” review.
Online services
You can request a free rate quote online through the Sebonic Financial website, but you’ll need to speak with a loan officer to actually receive the quote and submit an application. Once you get started with a loan officer, the lender offers an online application that allows you to upload documents, e-sign your disclosures and get real-time status updates. The lender does not offer a mobile app.
If you have questions throughout the process, the lender also offers a chat function on its website, or you can reach a customer service agent via email. (If you already have a loan in progress, it might make sense to contact your loan officer directly, however.)
If you need to run some numbers, you can use the lender’s online calculators — it doesn’t provide any other resources online.
Minimum borrower requirements
Sebonic Financial adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture.
For conventional loans, key requirements include a FICO score of 620 or higher and a minimum down payment of 5 percent. The down payment on an FHA loan can be as low as 3.5 percent, and you’ll need a credit score of 550 or higher. VA loans and USDA loans have no down payment requirement. The maximum jumbo loan limit is $3 million, and interest-only jumbo loans are available.
Refinancing with Sebonic Financial
Sebonic Financial offers mortgage refinancing but doesn’t disclose refi rates upfront online. The lender also doesn’t share refinance costs, so you’ll need to speak with a loan officer to get a quote and those details.
Not sure if Sebonic Financial is right for you? Consider these alternatives
- Navy Federal Credit Union mortgage review: A members-only lender with competitive rates serving veterans and their families
- Wyndham Capital Mortgage review: An online lender available in almost every state with flexible underwriting
- First Mortgage Direct review: A medium-sized lender with a comparable online experience
- Bank of America mortgage review: A big-box lender with banking customer discounts
- Goodmortgage review: An online lender with a range of programs, including bad-credit and low-down payment loans
Breakdown of Sebonic Financial overall review score
- Affordability: 3/5
- Availability: 4.8/5
- Borrower experience: 4.3/5
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.
Sebonic Financial consumer reviews
4.5
1495 reviews
Customer service rating
89% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Sebonic Financial.
10 of 186 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Excellent Experience
We closed 14 days ahead of schedule! | Woodbury, TN | 5/25/2021
We had a seamless experience with Shawn and his Sebonic financial team. He responded to all my inquiries in a timely manner and made everything very easy to understand. I would highly recommend for any financing you need!
Good service ..competitive rates....
Amanda | Chattanooga, Tennessee | 6/1/2021
Even though the refinance times are historically taking longer than normal Shawn Croat was always responsive and attentive to all questions we asked. We were please with the refinance process.
Amazing - Shawn Croat is the man
DB | Florida | 6/4/2021
What an amazing experience. Shawn Croat is one of the most responsive people I have worked with. We worked very well together. I even decided to buy a new truck while the loan was pending and he helped me figure out how to go about doing that. The rate was the lowest possible, there were no shen...
Honest and trustworthy!
Ronnie | Florida | 6/11/2021
Shawn Croat was very helpful through the loan process. He was always available and went above and beyond to ensure everything was smooth. Ive referred my friends and family to Shawn and highly recommended him to anyone!!
Very Fair, Very Efficient, Very Easy.
Very Fair, Very Easy | Minneapolis, MN | 6/11/2021
The process with Sebonic was very efficient. Communication was excellent. Through automation, the process was very easy. And I ended up with an even better deal than I started out with, due to lender credits. When the appraisal ended up costing more than expected, they credited me for the extra ...
Quick refinance closing
BP | Orlando, FL | 6/15/2021
Sebonic reached out to me because I was shopping around for a low interest refinance on our mortgage. Our loan officer, Shawn, gave us the rate we were looking for with a lender credit that covered the origination fee. We closed in just a few weeks which is quicker than we expected. Overall a goo...
Great to work with!
JD | Nashville, TN | 6/16/2021
Shawn Croat was awesome! Painless process. Took about a month with no issues.
Easy, Smooth, Great Advise
DG | FL | 6/17/2021
Shawn Croat made this a great experience. As I get older I am starting to see the value of true customer service. This was one of those times when I got Shawn to work my loan. I saved big on a refi thanks to his advise that was tailored to my particular situation. Once he got to know us the process...
Easy to deal with
Fast and Efficient | Nashville | 6/21/2021
I was a little skeptical as I had not heard of these guys, but they were super efficient to deal with. I worked with Shawn Croat - and a 15 minute call and a few emails and we were good to go. I would not hesitate to recommend them.
What an outstanding experience.
What an outstanding experience | Palm Beach Gardens, Fl | 6/22/2021
My wife and I are thrilled with our experience with Sebonic Financial. Having worked with other lenders in the past, they truly put on a master class in making this a very personal experience. Shawn Croat was just a dream to work with. He was responsive, available and always willing to crunch num...