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.
I bought my first home, a townhouse, last year 2019. Being in an apartment with my wife, me, and 3 kids was getting to be too cramped. For everyone's sanity, we looked at a townhouse last year (2019), and used Sebonic. My buyer's agent was upset when we told her that we were going to not use her affiliated mortgage company, but Sebonic's rate was almost 1% lower, which is a lot of money. We had only 3 weeks to close (which is extremely fast), but Sebonic's online application system allowed us to upload all the documents quickly. We put 5% down, and paid about another 2.5% in various costs (law office, title search, etc). We would login to Sebonic everyday in the morning, and each night, and if there was any form needed, we'd get it completed the same day and sent back to Sebonic. The seller's agent dropped the ball on a bunch of things, but the seller was just barely able to get all their paper work done the night before closing, in spite of their agent, so it all worked out. This was before COVID-19, or else the closing would have been delayed. With COVID-19 my guess is the process may take longer. My wife and I have a credit score of 825 , we weren't getting a jumbo loan (another bank said we could have got a jumbo loan for twice the amount of the loan we got, but we wouldn't have been able to pay a huge jumbo loan monthly payment, unless we rented out rooms or something), we had no other loans beside credit cards that we pay off each month, I have a good paying job with over a decade of stable work history, so getting approval was no issue.
I worked with Tamara Eastridge on refinancing my home mortgage, and she is the best person to work with. She is always easy to reach via email and she is prompt on her responses. She had a huge part in making my experience with Sebonic Financial great and smooth. Thank you again!!
I closed on my loan with them last week and it too 60 days from the day I said "okay, lets do this"
I've gone through 15 mortgages in my life and this was by far the worst experience of them all.
Their underwriting department is an absolute nightmare. Let me start off by saying EVERY single document they requested from me was sent to them within a few hours to 24 hours maximum. I always make sure the lender can't use me as an excuse as to why things took so long.
With my 847 FICO score, and plenty of reserves, no matter what I provided, they always needed something else, but each and every time, days and days (often a week plus would go by) of nothing, then all of a sudden: "now they want this"
Because they ended up taking over 2 months, they ended up having 4 months of bank statements, made me rewrite all my insurance policies because they know better than the insurance company, had to prove my employment an average of every 2 weeks (even though I was an essential employee and they were told that by my employer)
I even had to provide documents the day before and the day OF closing.
RIDICULOUS! I have a folder of over 3 dozen files I had to scan and send over and over and over. With each one be out of day after about 2 weeks.
It was insanely stressful to keep thinking "okay, they have EVERYTHING they could possibly need, and a lot of stuff they really shouldn't need, so they should be contacting me for a closing date any day now" and to keep thinking that for over a month past the first month only to keep having to resend new items while they continue to extend my rate lock a week at a time.
There are SOOO MANY better companies out there, do yourself a favor and go with someone else.
Don't even waste your time - they can't close. All they will do is keep asking you for more information and once they run out, they will ask for more detail about the information that you already sent. I tried to refi with them (great score 800s, low loan:value, low debt:income) but they just kept asking for more info. They gave me "this is the last thing" three or four times. They would take over a week to review something that should take less than 15 minutes to look over.
Great rates but they can't fund...
While this company (also known as Cardinal Financial) has low rates, they have rude, pushy sales people. Beware, they will not send you a performa on their fees until they run your credit. If you decline, be prepared to be harassed and insulted
This company does not care about you. You are just a number to them.
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.
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 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.
In addition to conventional cash-out refinancing, Sebonic offers:
The mortgage process for Sebonic is almost entirely online. Borrowers can complete their application, submit documents and sign everything but the final documents electronically.
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.