Sebonic Financial Mortgage Review 2023

Breakdown of Sebonic Financial overall score

• 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: Sebonic Financial is available to borrowers around the U.S. It offers the basic suite of mortgage options, including conventional and government 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.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a 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. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

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

Affordability: 5/5

Sebonic Financial doesn’t publicly advertise interest rates on its website, but does on other sites, including Bankrate. Its rates are 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: 5/5

Sebonic Financial’s mortgage offerings include conventional, FHA, VA and USDA loans, along with jumbo mortgages if you’re buying a higher-priced property. You can have a credit score as low as 580 for a conventional loan from this lender, much lower than the 620 minimum required by most others. You’ll need a down payment of at least 3 percent or 5 percent, depending on loan program.

Borrower experience: 4.3/5

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. 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, however.) Its hours are Monday through Friday from 8 a.m. to 8 p.m. ET.

If you need to run some numbers, you can use the lender’s online calculators — Sebonic doesn’t provide any other resources online.

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.

Alternatives to Sebonic Financial

• 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