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Sebonic Financial Mortgage Review 2024

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At a glance

Sebonic Financial
NMLS: 66247 Cardinal Financial
State License: MC-1825
Editor's take

Sebonic Financial, an online lender affiliated with Cardinal Financial, offers many of the same products and services as its parent, including a proprietary platform that promises to swiftly process loan applications.

Bankrate Score
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3.5
Rating: 3.5 stars out of 5
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Bankrate Score

Customer Rating
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4.5
Rating: 4.54 stars out of 5

1,495 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Credit Good

Min. credit score required

620 for conventional loans, 550 for FHA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Sebonic Financial

NMLS: 66247 Cardinal Financial

State License: MC-1825

3.5

Rating: 3.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 550 for FHA loans

Sebonic Financial overview

A division of Cardinal Financial, Sebonic Financial is a privately held lender based in Charlotte, North Carolina. Octane, the lender's proprietary technology, aims to provide a seamless experience for borrowers, including drag-and-drop document and e-signature capabilities and real-time status updates. In short: You’ll know where your loan stands at every critical checkpoint through Sebonic’s platform. The lender offers prequalifications in minutes and preapprovals in one to two days, while the typical closing takes 27 days.

Pros and cons of Sebonic Financial

Pros
  • Checkmark

    Proprietary system streamlines the loan process

Cons
  • Close X

    No information about rates or costs online

  • Close X

    No home equity lines of credit (HELOCs) or home equity loans

Our Editor’s Take on Sebonic Financial

Sebonic Financial, an online lender affiliated with Cardinal Financial, offers many of the same products and services as its parent, including a proprietary platform that promises to swiftly process loan applications.

How Bankrate scored Sebonic Financial

  • Affordability: Sebonic Financial’s rates are generally favorable, but you’ll need to contact the lender directly or find its offers on a third-party site to learn what you might qualify for.
  • Availability: This lender works with qualified borrowers around the U.S. It offers the basic suite of mortgage options, including conventional and government-backed loans.
  • Borrower experience: Sebonic Financial boasts positive reviews from past borrowers. With the exception of consulting with a loan officer and some parts of the closing, you can complete most of the lending process with this lender online.

Affordability: 6.6/10

Sebonic Financial doesn’t advertise interest rates on its website, but does on other sites, including Bankrate. As of this review, its rates were comparable to and sometimes lower than Bankrate’s averages. While you can request a rate quote online, you won’t receive it until after you’ve spoken with a loan officer. In addition, the lender charges an origination fee of $1,490.

Availability: 10/10

Sebonic Financial’s mortgage offerings include conventional, FHA, VA and USDA loans, along with jumbo mortgages if you’re buying a higher-priced property. FHA loans have a low credit score requirement of 550, while VA and USDA loans have no down payment requirements. For conventional loans, you’ll need a credit score of at least 620 and to put at least 5 percent down.

Borrower experience: 4.5/10

Sebonic Financial’s parent company Cardinal Financial consistently receives accolades from borrowers, contributing to its A+ with the Better Business Bureau. Sebonic on its own has a “Great” rating on Trustpilot, as well. You can request a free rate quote online through the Sebonic Financial website, but you’ll need to speak with a loan officer to move forward with the process. If you need to run some numbers, you can use the lender’s online calculators — Sebonic doesn’t provide any other resources online. Once you get started, the lender offers an online application that allows you to upload documents, e-sign your disclosures and get real-time status updates. The lender doesn’t offer a mobile app, however. If you have questions throughout the process, the lender operates 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 instead.)

How to apply for a mortgage with Sebonic Financial

You can apply for a mortgage with Sebonic Financial online or by phone at 866-336-8021. Its customer service hours are Monday through Friday from 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 Sebonic Financial

Sebonic Financial offers both rate-and-term and cash-out refinancing options. It doesn’t display its refi rates or costs online, so you’ll need to speak with a loan officer to get a quote and those details.

Compare Sebonic Financial to other lenders

Sebonic Financial
Rating: 3.5 stars out of 5
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3.5

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 550 for FHA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Sebonic Financial customer ratings and reviews

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NMLS: 66247 Cardinal Financial

State License: MC-1825

4.5

Rating: 4.54 stars out of 5

1,495 ratings

Info

This lender has 0 recent reviews.

Knowledge
Rating: 4.6 stars out of 5
Level of service
Rating: 4.6 stars out of 5
Professionalism
Rating: 4.5 stars out of 5
Responsiveness
Rating: 4.5 stars out of 5
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1 star
84%
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9%

89% of customers would recommend this lender.