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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Sebonic Financial Mortgage Review

Updated on:
Content was accurate at the time of publication.

3 stars

  Minimum credit score: 550 to 620

  Minimum down payment: 0% to 5%

  Available loan products and programs: Conventional, FHA, VA, Jumbo, USDA

  Our verdict: Sebonic Financial may be for you if you’re looking for a fast, simple mortgage process and quick closing. Those in the market for a low-down-payment or low-credit loan will find options including VA, FHA and USDA loans.


  Low credit scores (as low as 550) can qualify

  Digital mortgage process available

  USDA loans offered

  No initial online application — you must contact a loan officer to get started

  No rate information is available online

  No home equity loans or home equity lines of credit (HELOCs) offered

Sebonic Financial is a national direct mortgage lender founded in 1987 and based in Charlotte, N.C. It is a division of Cardinal Financial Co., which is licensed to lend in all 50 states and the District of Columbia.


  • Sebonic offers fixed-rate mortgages with terms ranging from 10 to 30 years with minimum down payments as low as 5%.
  • Sebonic also offers refinance loans but doesn’t disclose on its website which specific loan programs are eligible for refinances.


  • Borrowers with credit scores as low as 550 may be eligible for loans backed by the Federal Housing Administration (FHA).


  • Military service members, veterans and spouses may qualify for VA loans insured by the U.S. Department of Veterans Affairs (VA). No down payment or mortgage insurance is required.


  • Sebonic offers loans of up to $3 million for those who qualify. The lender also has an interest-only, adjustable-rate jumbo loan.

Special programs

  • USDA loans: Low- to moderate-income borrowers in designated rural areas may qualify for a mortgage backed by the U.S. Department of Agriculture (USDA). No down payment is required.


Sebonic doesn’t publish its mortgage rates online. You’ll need to contact one of the company’s loan officers to get information on what rates you might qualify for.

Compared to other large national banks, Sebonic’s rates are on the higher side, but still competitive with other high-volume lenders. On average, Sebonic offered rates around 0.72 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points above the APOR.


The average total cost of taking out a mortgage with Sebonic was $9,392 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $4,839 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

Although you’ll have to connect with a loan officer before applying, once you’re ready to make the leap, you can apply online using Sebonic’s Octane platform and proceed quickly to closing on your mortgage. With the capability to digitally upload documents and e-signing abilities, the platform makes it easy to not only apply for but also see the status of your loan at any given time. The only downside is that Octane has to be reached in a browser — there isn’t an app.

How to boost your loan approval odds

Sebonic doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Sebonic approved customers who — on average — had a 82% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio over 43%.

In that same year, Sebonic denied 37% of its mortgage applications. That’s fairly high when compared with other large, national mortgage lenders. For comparison, some large lenders have denial rates in the low teens.

You can contact Sebonic customer care via email or phone, but the company doesn’t provide any information about their hours of operation on its website. Luckily, if you just want to check on the status of an application or submit documents, you can always log into your dashboard online.

Sebonic FinancialMr. CooperPenFed Mortgage
Lender rating
Minimum credit score550 to 620Not published620-650
Minimum down payment0%-5%0%-3.5%0%-3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • USDA
  • Conventional
  • FHA
  • VA
  • Conventional
  • FHA
  • VA
  • Jumbo
Rate spread*0.72%0.58%0.11%

*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) each lender offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

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’s scorecard: 3/5

  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

Today's Mortgage Rates

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