Sebonic Financial Mortgage Review 2021

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Sebonic Financial, a division of Cardinal Financial, is a mortgage lender based in Charlotte, North Carolina, offering loans in all 50 states and the District of Columbia.

With a fully digital lending platform, borrowers can move from receiving an interest rate to closing a mortgage loan entirely online – under the guidance of loan officers over the phone. Using Sebonic’s proprietary platform, Octane, borrowers can drag and drop their loan documents, electronically sign them, and receive real-time status updates at every step.

However, borrowing with Sebonic has several disadvantages: you won’t be able to check quotes online or get personal help with the home buying process, if needed. Here’s what you need to know about a lender before applying.

Pros and cons of Sebonic Financial Mortgage

pros

  • Offers an optimized digital process

  • Funds conventional loans, large loans, and all three government-funded loan programs.

  • Available in all 50 states and Washington DC.

  • Only interested jumbo ARMs are available

Minuses

  • Mortgage rates are not published online

  • Does not offer secured real estate loans, HELOCs, renovation loans, reverse mortgages, or construction loans.

  • No personal compartments

Financial mortgage Sebonic: types of loans and products

Sebonic Financial offers traditional and government-backed mortgages and gives borrowers the choice between fixed rate or adjustable rate (ARM) mortgages. Here’s what Sebonic Financial Mortgage is offering right now:

With a fixed rate mortgage, the interest rate never changes. ARM only offers a flat rate for a specific amount of time. Then, depending on market conditions, the rate may rise or fall during the term of the loan. Sebonic offers ARM 3/1, 5/1, 7/1 and 10/1 terms. For example, with 3/1, the rate is fixed for three years and then changes once a year for the remainder of the term.

Sebonic also offers giant loans, which are home loans in excess of a certain dollar amount called corresponding loan limit… In 2021, this limit is $ 548,250 in most regions of the United States. Sebonic Financial will finance giant loans. up to $ 3 million – and may offer an ARM option with percent only.

Sebonic does not offer equity line of credit, Housing loan, repair loan, reverse mortgage, or construction loan

Sebonic financial mortgage transparency

Sebonic Financial’s Web site aesthetically pleasing, but contains very little detail about the borrowing process. You will find a payment portal, several mortgage calculators, and some information about home loans that you can get from this lender. But the website lacks information on current mortgage interest rates, lender fees, the home buying process in general, and advice on choosing a home loan.

After completing the online quote form, someone from Sebonic will call or email you for further assistance. You will answer a few clarifying questions, but you will not need to do a credit check before receiving a quote. However, the final cost table, which contains all associated fees, will not be provided until you go through the pre-approval process. This process differs from many of the Sebonic methods. competitorswhich offer more tools for borrowers and faster rates on the Internet.

Sebonic financial mortgage: rates and commissions

Sebonic Financial does not advertise mortgage rate quotes and does not provide any information on the costs of obtaining a mortgage. According to loan officer Sebonic, the lender usually offers rates about 0.5% lower than its competitors because its fully digital lending platform reduces overhead costs. In addition, borrowers never pay prepayment penalties and can fix the interest rate for free. However, a lock renewal fee may be charged if the borrower causes a closure delay.

The loan officer also said that borrowers would pay a loan processing fee of $ 999 to $ 1,499.

Borrowers are also responsible for paying third party closing fees, which may include:

The minimum credit rating required by Sebonic Financial depends on the type of loan. You will need a credit rating of at least 620 to qualify for a regular loan and a score of 550 or higher for an FHA loan. A higher credit rating can help you qualify for better mortgage rates. From start to finish, borrowers usually close a purchase deal within 30 days and refinance a loan within 30-60 days.

Refinancing with Sebonic Financial Mortgage

If you are a homeowner with an existing mortgage, you can refinance a mortgage to better match your financial goals. Sebonic offers two refinancing options:

  • Refinancing rate and term, where you take out a new mortgage and get a new loan term, interest rate, or both. The refinancing rate and term can help you save money on your monthly mortgage payments and speed up your repayment terms, which can save you money.
  • Refinancing when cashing out, which allows you to borrow cash using your home as collateral. You take out a new mortgage for more than your debt, pay off your current mortgage, and put in the difference (minus closing costs).

Sebonic Financial Mortgage Compared to Other Mortgage Lenders

Sebonic financial mortgage Churchill mortgage Rocket mortgage
Minimum credit rating 620 for ordinary; 550 for FHA 620 620 for ordinary; 580 for FHA
Minimum down payment 5% for ordinary; 3.5% for FHA; 0% for VA and USDA From 0% to 5%, depending on the loan program From 0% to 3.5%, depending on the loan program
Where does the lender work? All 50 states and Washington DC All 50 states and Washington DC All 50 states and Washington DC
Main types of loans Regular, Large, VA, FHA, USDA, adjustable rate, flat rate, refinancing, cash-in refinancing Regular, Large, VA, FHA, USDA, Miscellaneous Renovation Loans, Adjustable Rate, Fixed Rate, Refinancing, Cash Payout Refinancing, Reverse Mortgages, Real Estate Loans, Home Equity Loans Regular, Large, VA, FHA, Fixed Rate, Refinance, Cash Refinance

How to shop around to get the best mortgage rate

Mortgage rates can change every day and even by the hour, and each lender has a different way of setting rates for clients. Thus, finding and getting multiple quotes is the best way to find a great deal. This step is important because even a small difference in the interest rate can help you save hundreds or thousands of dollars during the term of the loans.

Begin with search for mortgage lenders, apply for a mortgage and request Loan valuation… According to Freddie Mac interviewborrowers save an average of $ 3,000 over the life of the loan when they collect at least five quotes. You can save even more if you negotiate. Do this by sending your best offer to another lender and asking them to give you the best interest rate or closing cost – or both. He may be willing to compete for your business, especially if you have good credit.

Bottom line

Sebonic Financial is available in every state and Washington DC and offers all major mortgage programs. Its fully digital process can be convenient and can even save you money on your interest level… But since Sebonic does not openly advertise its fees and rates, it is important that you find out these details first. Then compare them with what other lenders offer



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