Sebonic Financial Mortgage Review 2020
By Ellen Chang
About our reviews
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NMLS: 66247
State License: MC-1825
Bankrate Score
3.3
4.6
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Sebonic Financial is a privately held lender that is based in Charlotte, N.C., and is a division of Cardinal Financial L.P. Octane, the lender's innovative proprietary technology, transforms mortgage lending into an absolutely seamless experience. Loans processed through this technology are quick to close, according to the company. Sebonic offers drag-and-drop document capability, eSign, and real-time status updates for maximum convenience and transparency. Applicants will know their loan’s status at every critical checkpoint.Nationwide availability
Mortgages are available in all 50 states and the District of Columbia.
Minimum credit score
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher).
Loan types
Conventional fixed mortgages, interest-only adjustable-rate-mortgages (ARMs) for jumbo loans ,FHA, VA and USDA loans, jumbo mortgages
Pros
- Loan options include fixed-rate, VA, FHA, USDA and jumbo mortgages
- Mortgage refinancing options, no details provided via the website
- Interest-only jumbo ARM
Cons
- No online application available to borrowers
- Online information about loan costs is not available
- Customer service hours are limited and ask consumers to leave a message
- Home equity loans and home equity lines of credit (HELOC) aren’t available
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Sebonic Financial overview
Loan types
- Conventional
- FHA
- VA
- Jumbo
- USDA
- Refinancing loans
- Lender fees
Sebonic fees vary by loan type. No information was given about their origination fees from their website.
Minimum borrower requirements
Sebonic 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) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 5 percent is required for conventional loans, according to the website. Down payments on FHA lows can be as low as 3.5 percent and VA loans as low as zero percent upfront.
For jumbo loans, interest-only loans are available. The maximum jumbo loan limit is $3 million.
For FHA and VA loans, requirements are set by the government. You can find them here:
Get started with Sebonic Financial
Borrowers can apply by phone. There are no brick-and-mortar locations where borrowers can apply in-person.Hours
Sebonic Financial consumer rating and reviews
92% recommended
We have that perfect combination you’ve been searching for in a mortgage lender: simplicity and speed at an affordable price. Mortgages may be complex, but leave that up to us. We’ve made the process simple so our customers benefit from a streamlined lending experience. Proprietary loan processing technology that yields a fast and simple loan process for purchases and refinances. Flexible products to meet every borrower's needs.
- Competitive rate and fee combinations
- Better Business Bureau Accredited
- FHA and VA Approved Lender
Customer Service Rating