Sebonic Financial Mortgage Review 2024
550 to 620
0% to 5%
Conventional, FHA, VA, USDA, jumbo, cash-out refinancing
See how we reached our verdict below.
- Multiple government-backed loan programs
- Low credit score minimum
- Jumbo loans available
- Strong customer reviews
- Conventional mortgages require a 5% down payment
- Doesn't disclose its rates or fees online
- Must provide personal information to receive loan details
Sebonic Financial Mortgage overview
Sebonic Financial is a subsidiary of Cardinal Financial, a national mortgage lending company. The lender issues purchase loans in all 50 states, including conventional loans and government-backed mortgages.
- Areas of service: 50 states and District of Columbia
- Digital service: Digital mortgage process
- Headquarters: 3701 Arco Corporate Drive, Suite 200, Charlotte, NC 28273
- Website: Sebonic.com
Sebonic Financial rates, terms and fees
Rates
Sebonic Financial doesn’t share its mortgage rates or terms on its website. Instead, you must submit your personal information and speak with a company loan officer to receive those details.
However, we analyzed data available from the Home Mortgage Disclosure Act (HDMA) and based on that information, we found that Sebonic’s rates were competitive. Across all loan types issued in 2023, Sebonic’s rates averaged 0.18 percentage points above the average prime offer rate (APOR), the benchmark banks use when determining their rates.
That’s an improvement over 2022, when the lender’s purchase loans rates averaged 0.72 percentage points above the APOR.
Fees
As with its interest rates, Sebonic’s fees aren’t posted on its website; you have to contact a loan officer to get that information. According to data released by the Federal Financial Institutions Examinations Council (FFIEC), the average total cost of taking out a mortgage from Sebonic Financial was $10,831 in 2023 — about 48% higher than the national average for major lenders.
What discounts does Sebonic Financial offer?
Sebonic Financial doesn’t disclose any available discounts or rate reduction programs on its website.
What types of mortgage loans does Sebonic Financial offer?
Sebonic Financial offers a variety of home loans including:
Conventional loans
Sebonic Financial offers conventional loans with fixed or adjustable rates, and you can qualify with a down payment of just 5% for fixed-rate loans. These loans, which aren’t part of any government program, usually cost less than other loans but have more strict credit requirements.
Under Sebonic Financial’s conventional loan program, you can also take advantage of cash-out refinancing. If you’ve accrued equity in your home, this process allows you to refinance your mortgage for more than you owe, receiving the difference in cash to pay for home renovations or to consolidate debt.
Conventional loan qualification requirements
- 620 minimum credit score
- 5% minimum down payment
FHA loans
Federal Housing Administration (FHA) loans are government-backed loans with lower-than-usual down payment and credit score requirements. Sebonic Financial is an approved FHA loan lender, and it accepts credit scores as low as 550 for this program.
FHA loan qualification requirements
- 550 minimum credit score
- 3.5% minimum down payment
VA loans
Sebonic Financial is a participating lender in the U.S. Department of Veterans Affairs (VA) loan program. Through this program, military service members and veterans can qualify for mortgages without a down payment or private mortgage insurance (PMI).
VA loan qualification requirements
- 620 minimum credit score
- 0% minimum down payment
USDA loans
Homebuyers looking to purchase rural properties in eligible areas may qualify for a mortgage backed by the U.S. Department of Agriculture (USDA). Through Sebonic Financial, homebuyers can use USDA loans to purchase eligible properties in rural areas with as little as 0% down.
USDA loan qualification requirements
Sebonic doesn’t specify its minimum credit score requirements. In general, USDA lenders require borrowers to have a credit score of 640 or better.
Jumbo loans
Sebonic Financial offers jumbo loans, or mortgages for properties that exceed conventional loan limits. Through Sebonic, you can finance purchases up to $3 million.
Jumbo loan qualification requirements
Sebonic doesn’t disclose the qualification requirements for its jumbo loans. In general, you need good to excellent credit, and a down payment of at least 10% of the home’s purchase price.
Sebonic Financial mortgage qualifications
| Credit score minimum | 550 to 620 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Not disclosed |
| Down payment minimum | Conventional: 5% FHA: 3.5% VA: 0% USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Sebonic Financial has several mortgage programs for those homebuyers with lower credit scores or incomes; as a result, it has a lower-than-usual rejection rate. As of 2023, it rejected only 7.7% of new purchase loan applications and 9.9% of applicants across all loan types.
To improve your odds of qualifying for a loan through Sebonic Financial, follow these steps:
- Save a larger down payment: Although Sebonic Financial has mortgages with low down payment requirements, the average down payment for approved applicants was approximately 10%. Saving 10% (or more) will boost your chances of getting a loan.
- Limit your other debt: One of the factors Sebonic will look at is your debt-to-income ratio (DTI), or how much of your monthly income goes toward debt. With most lenders, the highest DTI you can have and qualify for a mortgage is 43%. Although Sebonic may accept higher DTIs, the lower your ratio is, the better your odds are of qualifying for a mortgage with competitive rates.
How to apply for a Sebonic Financial mortgage
1. Choose your loan type
Visit Sebonic Financial at Sebonic.com and navigate to “Products” to review which mortgage options are the best fit for you. To request a rate quote, click the “free quote” button. The site will prompt you to answer a few questions about your location, budget and whether you’re buying a primary residence, vacation property or investment property. Based on that information, Sebonic Financial will connect you with a loan officer to review your mortgage options.
2. Get prequalified
Unlike some lenders, Sebonic Financial doesn’t have a prequalification tool. After speaking with a loan officer, you’ll have to submit your information and consent to a credit check to get preapproved for a mortgage.
3. Submit a loan application
Sebonic Financial uses a proprietary loan origination program called Octane. With Octane, you can apply for a loan online, see what tasks you need to complete as you go through the mortgage process and upload the required documentation.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Sebonic Financial?
Sebonic Financial is a legitimate, reputable lender with a strong reputation, so it’s safe to submit your information to get preapproved for a mortgage. With a preapproval letter in hand, you’re better prepared to shop for a home and make an offer.
Sebonic Financial customer service experience
Sebonic Financial is reachable via phone or email. You can also use its locator tool to find a loan originator near you.
- Phone: 866-336-8021
- Email: [email protected]
Compared to other lenders, which offer digital prequalification tools or mobile apps to help you navigate the home-buying process, Sebonic Financial’s customer service options are more limited. However, the company does have strong customer reviews, so you can be confident that you’re working with a secure, responsive company.
How does Sebonic Financial compare to other lenders?
 |  |  |
|
|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | 550 to 620 | Not disclosed | Not disclosed |
| Minimum down payment | 0% to 5% | 0% to 3.5% | 0% to 5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.18% | 0.17% | 2.06% |
| Loan products and programs |
|
|
|
| Better for: | Homebuyers looking for government-backed loan programs. | People shopping for conventional loans for primary residences or investment properties. | Homeowners who need a home equity line of credit (HELOC). |
Sebonic Financial vs. Chase
Sebonic Financial and Chase offer FHA, VA and conventional loans. However, Sebonic Financial also offers USDA loans, so it may be more appealing if you’re shopping for a rural property.
Where Chase stands out is with its homebuyer grant programs, in which eligible homebuyers can qualify for grants up to $7,500 to put toward their home purchase.
→ Read more in our full Chase mortgage review.
Sebonic Financial vs. Alliant Credit Union
Unlike Sebonic, which only offers purchase loans and cash-out refinancing, Alliant also issues home equity lines of credit, or HELOCs. For those home buyers who want access to a revolving line of credit based on their home equity, HELOCs can be appealing to pay for home improvement projects, medical bills or other expenses.
→ Read more in our full Alliant Credit Union mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Sebonic Financial
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Sebonic Financial scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Although Sebonic Financial doesn’t have a prequalification tool, it does have a digital application program you can use to submit an application, upload documents and track your mortgage loan as it progresses through each step.
Sebonic Financial is a legitimate mortgage lender, with strong customer satisfaction ratings on Zillow and TrustPilot.
You can view more info about Sebonic Financial’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
When you apply for a loan through Sebonic Financial, the lender will perform a credit inquiry. A credit inquiry can damage your credit score. And, if you take out a loan and miss payments, the lender will submit the delinquencies to the major credit bureaus, significantly affecting your credit score.
Sebonic Financial is a reputable lender with competitive rates and multiple loan options, including government-backed loans. In general, customers give the company positive reviews, with the lender scoring 4.1 out of 5 stars on Trustpilot. In reviews, customers praised the company’s responsiveness and speed.