Sebonic Financial Mortgage Review 2022

Good for: borrowers who want a loan with flexible down payment and credit score requirements.
Phil MetzgerJan 4, 2022

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Our Take

3.5

NerdWallet rating 

The bottom line:

Sebonic Financial offers a standard variety of mortgage types and products, and the convenience of a digital application process. Sebonic doesn’t publish mortgage rates online or offer home equity loans or lines of credit.

Sebonic Financial

at Sebonic Financial

Min. Credit Score

620

Min. down payment

5%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Offers a variety of online conveniences, including a digital application and loan process updates.
  • Offers a variety of mortgage options, including FHA, VA and USDA loans.

Cons

  • Mortgage interest rates aren't published online.
  • Doesn’t offer home equity loan products or renovation mortgages.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. down payment

5%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Sebonic Financial at a glance

Sebonic Financial, a division of Cardinal Financial, is a consumer-direct lending company that aims to provide a fast, competitively priced mortgage experience. Though Cardinal has been around since 1987, the Sebonic brand launched in 2013 after an ownership change.

Here’s a breakdown of Sebonic Financial’s overall score:

  • Variety of loan types: 4 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 1 of 5 stars

Sebonic Financial mortgage loan types

Sebonic Financial offers a full nonbank selection of fixed- and adjustable-rate mortgages, including FHA, VA and USDA loans. The company also offers refinancing options and jumbo loans for houses priced above current conforming loan limits. Like many nonbank lenders, Sebonic does not offer home equity loans or lines of credit.

Sebonic Financial ease of application

Sebonic Financial offers an all-digital mortgage process, supplemented with human guidance.

Prospective borrowers start by calling a toll-free number or requesting a quote that requires contact information. They can then check the status of their loan application, review and upload documents, and maintain contact with their loan team via Sebonic's online platform. Though it relies heavily on automated technology, Sebonic Financial says it prides itself on maintaining a personal connection.

Sebonic Financial mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data. (Sebonic reports to HMDA as part of its parent company, Cardinal Financial Co.):

  • Sebonic earns 2 of 5 stars for average origination fee.

  • Sebonic earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — fees paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Sebonic Financial mortgage rate transparency

Current mortgage interest rates aren’t publicly visible anywhere on the Sebonic website, even after submitting the rate quote contact form. Once the lender has contact information, it will reach out with a digital welcome packet and encourage you to create an account to move forward in the process, which includes providing rates for various mortgage options.

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