Sebonic Financial Mortgage Review

About Sebonic Financial

Sebonic Financial

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.


Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

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What is Sebonic Financial?

Sebonic Financial, a Charlotte, N.C.-based mortgage lender, was established in 2013. Sebonic is a subsidiary of Cardinal Financial Company, which began in Pennsylvania in 1987. In 2017, Sebonic provided $1.3 billion in mortgage loans.

Sebonic offers a wide range of loans for both home purchases and refinancing. The lender offers loans for primary residences, vacation homes and investment properties. According to an interview with company representatives, Sebonic’s aim is to provide consumers with a simple online loan application process that offers transparent information for borrowers.

Working with Sebonic Financial

Sebonic Financial is licensed to do business in all 50 states and the District of Columbia.

Sebonic’s loan officers have an average of four years working with the company and an average of 10 years experience in mortgage lending. The lender has a location in Rockville, Md., along with its headquarters in Charlotte, N.C.

A minimum credit score of 620 or above is required for conventional loans for purchases and refinances. For FHA loans, Sebonic may approve a loan with a credit score as low as 550.

Most of the loans approved by Sebonic have undergone manual underwriting.The average time from application to closing is 20 to 30 days.

Sebonic offers loans for a wide range of home types, including single-family homes, townhouses, condos, multifamily homes, co-ops and manufactured homes.

Sebonic Financial products

Sebonic Financial offers mortgages for purchasing, renovating and refinancing a primary residence, a vacation home or an investment property. The lender doesn’t offer construction loans, home equity loans or home equity lines of credit.


  • Conventional: Sebonic’s down payment requirement can be as low as 5% for its conventional loans. Borrowers need a minimum credit score of 620 to qualify.
  • Jumbo: Sebonic offers jumbo loans, including interest-only, adjustable-rate mortgages, of up to $3 million for qualified borrowers.
  • FHA: These require down payments as low as 3.5% and credit scores of at least 550.
  • FHA 203(k): FHA 203(k) loans allow homebuyers to finance a home’s purchase and renovations with one loan.
  • VA: VA loans for qualified veterans do not require either a down payment or mortgage insurance.
  • USDA: USDA loans are designed for buyers purchasing homes in designated rural areas who have low to moderate incomes. No down payment is required.
  • Investment: Sebonic provides financing to buyers who want to purchase properties for rental income.
  • HomeStyle Renovation: This loan program from Fannie Mae wraps renovation and purchase costs into one loan.
  • HomeReady: This Fannie Mae loan program is designed for low-to-moderate-income buyers and has a down payment requirement as low as 3%.
  • HomeOne: This Freddie Mac loan program for first-time buyers is designed for low-to-moderate-income buyers and has a down payment requirement as low as 3%.



  • Conventional: Conventional loans are available for refinancing and purchases. You may be able to refinance an FHA loan into a conventional loan with Sebonic.
  • VA: Veterans and active military personnel with a VA loan can refinance their loans for a different term or rate.
  • FHA: If you have an FHA loan now, you may qualify for an FHA streamline refinance. Borrowers with credit or debt challenges who want to refinance may qualify for an FHA refinance even if they don’t qualify for a conventional refinance.
  • Cash-out: Cash-out refinancing is an option for borrowers with enough equity in their homes.

In addition to conventional cash-out refinancing, Sebonic offers:

  • FHA cash-out: For borrowers with credit challenges or high debt-to-income ratios, this may be a good option.
  • VA cash-out: Veterans or members of the military may find a VA refinance is a good option.
  • FHA 203(k): Borrowers can wrap their renovation costs into an FHA 203(k) refinance.

The mortgage application process

The mortgage process for Sebonic is almost entirely online. Borrowers can complete their application, submit documents and sign everything but the final documents electronically.

  • How to apply. The simplest way to start an application is online, where the website walks borrowers through a series of simple questions. Borrowers can also call Sebonic to speak with a loan officer. Typically, borrowers will have one loan officer who works with them throughout the loan application process.
  • Disclosure process. Sebonic uses an online portal for secure communication, where borrowers can upload documents and receive information about their loan. They can also call their loan officer at any time during the application process.
  • Submitting loan for approval. Once a borrower uploads documents and handles all lender requests, including allowing a credit check, their loan officer will request an appraisal and submit the loan for approval. Borrowers can discuss when to lock in their rate with the loan officer via online chat, email or phone call.
  • Final approval. After the final loan approval, borrowers will receive closing disclosure documents to review.
  • Closing. Borrowers can sign some documents online, but the final closing will require in-person signatures. Typically, borrowers can decide when and where to sign the documents — at their home or an office or elsewhere — with a notary.


Communication during the process

  • Initial contact. Most Sebonic applicants apply online and will be connected electronically with a loan officer.
  • Loan processing contact. The loan officer is the main contact for any questions throughout the process.
  • Loan status updates. Sebonic customers receive periodic updates through the loan portal and via email notifications.

Pros and cons of a Sebonic Financial mortgage


  • Website provides simple visual and verbal cues for easy initial application
  • Accepts borrowers with low credit scores
  • Frequent use of manual underwriting gives borrowers more flexibility in loan approvals
  • Average time from application to closing is a quick 20 to 30 days
  • Wide range of loan programs serves buyers who are purchasing a primary residence, vacation home or investment property, as well as homeowners who are refinancing
  • Offers multiple loan options for first-time and low-to-moderate-income homebuyers
  • Multiple loan options with low or zero down payment requirements
  • Works closely with homebuyer assistance programs in many of the markets it serves
  • Licensed to offer loans in every state and D.C.



  • Does not provide construction financing
  • Does not offer any home equity products
  • Has only two physical offices with loan officers, so borrowers who prefer face-to-face meetings with a loan officer may not be satisfied
  • Works with most homebuyer assistance programs but may not work with every program available in every market

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.