Friday, December 2, 2022

Is Sebonic A Good Mortgage Company

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Re: Sebonic Financial For Mortgage Loan

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I went through an aborted refinance with them: have nothing remotely bad to say about them, at all about their handling of my application or processing it to the point where I walked away and went the HELOC route instead.

I will certainly be considering them if I do another conventional loan when I move.

Sebonic Financial Quick Facts

  • Direct-to-consumer lender located in Charlotte, North Carolina
  • A dba of Cardinal Financial, a top-40 mortgage company nationally
  • Considered the digital startup division of Cardinal Financial
  • Licensed to do business in all 50 states and the District of Columbia
  • A Zillow Marketplace mortgage lender

Sebonic says its a digital startup fueled by tech, new ideas, and fast execution, anchored by the resources of a well-established and experienced mortgage bank.

Its unclear how long Sebonic Financial has been around, but I recall seeing them for years now, so I would assume nearly a decade or longer despite being known as a newcomer.

I also cant tell you what the name Sebonic means, whether its a made-up word or a surname. Id like to know the origin and will keep digging on that one.

However, they do appear to be licensed in all 50 states and DC thanks to their relationship with Cardinal Financial, which is a plus.

Additionally, they seem to be the more digitally-oriented division of Cardinal that deals mainly with borrowers looking to apply for a mortgage online, remotely.

So if thats your thing, they could be a good choice for your mortgage needs, especially if their interest rates and lender fees are low.

A Wide Range Of Mortgage Products Is Available

Sebonic Financial provides a selection of conventional FHA, VA, USDA, and jumbo mortgage loans. This bit is important since Sebonic can service a wide range of clients, from first-time homebuyers to those looking for a large mortgage.

Sebonic also makes loans on single-family homes, townhouses, condominiums, multi-family homes, and mobile homes, among other real estate firms. Sebonic may also be able to assist people looking to purchase a second home or a rental property.

Also Check: What Is Loss Mitigation Mortgage

Sebonic Financial Mortgage Rates

Sebonic Financial doesnt offer any cost information on its website. Mortgage rates do change daily, so its difficult to say what rates you can expect. Rate fluctuation depends on economics, inflation, market conditions and a number of other factors. Sebonic does offer free quotes online so you can see estimates without committing to any specific rates.

Pros And Cons Of Refinancing Through Sebonic Financial

Loan Evaluation

Sebonic Financials refinance loans could be exactly what youre looking for, but weigh these pros and cons before you decide.

Pros

  • Several basic loan types to choose from
  • Ability to take cash out

Cons

  • Very limited refinance loan information on website
  • No renovation loans
  • Must call or submit form online to get rate information

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Sebonic Financial Mortgage Rate Transparency

Current mortgage interest rates arent 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.

More from NerdWallet

Sebonic Financial Loan Types And Services

Sebonic Financial offers the following home loan products.

Fixed-Rate Conventional Loans

The most popular mortgage type, this is ideal for borrowers who plan to live in their home for a long time because of its stability and predictability. The interest rate is controlled by a rate lock for the entire mortgage period, which means that your monthly payment stays the same. Many borrowers find it easier to budget under this type.

Sebonic requires a credit score of at least 620 to qualify for this, and you can choose from a 15-year or 30-year option. The shorter the period, the higher your monthly payment. However, the trade-off of this higher monthly payment is that you pay a lower rate over the loan’s lifetime saving you money in the long run.

FHA Loans

Government-insured home loans have higher rates but more flexible lending requirements. Sebonic Financial requires applicants to have a credit score of at least 600 to qualify for FHA loans.

USDA Loans

Sebonic offers this loan type to those interested in purchasing rural properties. If you meet the USDA’s income and geographic eligibility requirements, you can finance your home purchase with this mortgage.

VA Loans

These are $0-down mortgage loans that are guaranteed or backed by the Department of Veteran Affairs. They allow borrowers to refinance existing mortgages or buy property for a permanent residence.

Adjustable-Rate Mortgages, aka ARMs

Jumbo Loan

Interest-Only Jumbo Loan

Refinance

Recommended Reading: How To Apply For A House Mortgage

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Sebonic Financial Mortgage: Loan Types And Products

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Sebonic Financial offers conventional and government-backed mortgages and gives borrowers a choice between fixed-rate and adjustable-rate mortgage loans. Heres what Sebonic Financial Mortgage offers right now:

With a fixed-rate mortgage, the interest rate never changes. An ARM offers a fixed rate only for a certain amount of time. Then, based on market conditions, the rate may go up or down throughout the loan term. Sebonic offers ARM terms of 3/1, 5/1, 7/1, and 10/1. With a 3/1, for instance, the rate is fixed for three years and then changes once a year for the remaining term.

Sebonic also offers jumbo loans, which are home loans that exceed a certain dollar amount called the conforming loan limit. For 2021, that limit is $548,250 in most parts of the U.S. Sebonic Financial will fund jumbo loans up to $3 million and may offer an interest-only ARM option.

Sebonic does not offer home equity line of credit, home equity loan, renovation loan, reverse mortgage, or a construction loan.

Also Check: Can You Get A Second Mortgage With Bad Credit

Sebonic Financial Mortgage Purchase Review

Best for:

  • Buyers who want to close quickly
  • Buyers who are comfortable working online but want to communicate with a mortgage rep
  • Buyers who dont qualify for a conventional loan

Standout feature: Sebonic Financials digital platform, Octane, simplifies and speeds up the loan process.

Sebonic Financial offers standard home loan products including conventional, FHA, USDA, and VA loans. Although the mortgage companys website also lists jumbo loans, theyve been suspended temporarily due to the pandemic. Loan terms vary by loan, but fixed and variable rates are available.

Tip:

Generally speaking, Sebonics fixed-rate loans are a better deal than its adjustable-rate mortgages, thanks to higher lender credits that help offset lender fees and other closing costs.

To get a rate quote, youll have to call Sebonic or fill out a form and wait for a Sebonic mortgage representative to contact you. After you speak with the rep, theyll email you a link you can use to apply for a mortgage using Octane the companys digital home loan platform.

Mortgage programs
10, 15, 20, 30 years
Adjustable-rate loan terms
$1,490 origination fee rates vary by loan and buyer qualifications
Min. credit score

Check Out: Todays Jumbo Loan Rates

Refinancing With Sebonic Financial Mortgage

If youre a homeowner with an existing mortgage, you can refinance your home loan to better fit your financial goals. Sebonic offers two refinance options:

  • Rate-and-term refinance, where you take out a new mortgage and get a new loan term, interest rate, or both. A rate and term refinance can help you save money on your monthly mortgage payment and speed up your payoff timeline, which can be a money-saver.
  • Cash-out refinance, which allows you to borrow cash using your home as collateral. Youll take out a new mortgage for more than you owe, pay off the current mortgage, and pocket the difference .

Don’t Miss: Is It Worth Refinancing My Mortgage

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 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.

» MORE:“Should I buy points?” calculator

How Does Sebonic Financial Stack Up

Sebonic Financial Reviews

If you like Sebonic Financials way of streamlining your application and loan process via its digital platform, you might also consider Rocket Mortgage or loanDepot. Both of these direct lenders offer digital platforms that allow you to apply for your loan and work through the process from pre-approval to closing entirely online.

Before filling out your application, check out other Sebonic Financial reviews, then compare Sebonic with multiple lenders. As an online mortgage broker, Credible can help you compare rates from all of our partner lenders. Just fill out a short form, and youll get access to dozens of personalized prequalified rates.

The company above is one of Credibles approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesnt affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay are not impacted by this compensation.

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

Home » All » Mortgage Lender Reviews » Sebonic Financial Mortgage Review

Lender:

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Zillow Lenders Are So Much Cheaper Why

Hey all,

I just had the offer on my first-time home accepted, and I’ve been working with a realtor & lender. The two referred each other and are within the same company, so for ease of paperwork we just decided to use that lender.

Now that our offer was accepted I’m meeting with the lender to lock in rates, and from our last meeting I didn’t have the best confidence they were offering the most competitive pricing. I understood what he was saying, and kept making sure I understood rates are determined by the market, and we’ll pick from any rate we want but owe a fee or get a credit depending on the pricing at that time.

I’m under contract now. Is it worth looking or just stop? Over the life of the loan the savings are huge. What am I missing?

Sorry for the wall of text. Look forward to replies.

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.

Also Check: What Is An Origination Fee On A Mortgage Loan

Sebonic Financial Mortgage Review 2021

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

Dont Take Our Word For It

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See what our customers are saying.

Rated } out of 5 based on } reviews.

Reviewed in }

  • For licensing information, go to www.nmlsconsumeraccess.org. Cardinal Financial Company, Limited Partnership . Copyright © 2021 Cardinal Financial Company Cardinal Financial Company, Limited Partnership. All trademarks and trade names are the property of Cardinal Financial.
  • 855.561.4944

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Is Sebonic A Good Mortgage Company

Sebonic Financial is backed by Cardinal Financial, which should help keep the company financially strong. It has a sleek and attractive website, but it provides limited information online. It does provide free online quotes, but for most other services youll need to contact Sebonic or one of its loan officers directly. Although you cant apply for a home loan on the website, the company offers tech-savvy features like drag-and-drop documents and e-signature.

How We Found The Best Mortgage Lenders

Our rankings were derived from more than 60 data types in the following categories:

  • Types of loans offered: We favored companies that offered a variety of loan options, such as fixed- and adjustable-rate mortgages, term-lengths, and loans backed by government agencies.
  • Customer Experience: We favored companies that consider alternative credit data, provide a streamlined application process, at least two forms of customer service, and a variety of resources and educational tools
  • Reputation & Transparency: We evaluated consumer complaints with the CFPB and the number of regulatory actions filed with the NMLS

Over the course of our research, we consulted the following expert sources.

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Type Of Mortgage Rates

There are a variety of costs associated with a mortgage loan. The annual percentage rate will reflect the interest rate, brokerage fees, and other charges established by the lender. When researching for a loan, always look for the most current mortgage rates.

Lenders typically divide their products between fixed mortgages and adjustable-rate mortgages.

Fixed-Rates Adjustable-Rate
Interest rate doesn’t change during the loan term Interest rates can change during the loan term. By law, ARMs have a lifetime cap, which limits the interest rate raise on the loan
Monthly payments stay the same during the loan term Monthly payments may vary depending on interest rate fluctuation.
A good option for homebuyers planning to stay for a long time in the house A better option for homebuyers who plan to live in the house for a shorter amount of time
Three terms for fixed-rate mortgages: 15- year, 20- year, and 30- year ARMs have an adjustment period where the initial payment and rate for the loan will stay the same for an established period. It can be between 1 month and 5 years. Afterward, rates can change every quarter, year, 3 years, or 5 years

Sebonic Financial For Mortgage Loan

Sebonic Mortgage Review

Any ever heard of or dealt with this company?

The online reviews are very good and looking at their fees seemquite lower than alot of other ppl

btw what are teachers federal CU never talked about on here?

It seems their rates beat everyone unless I’m reading this wrong

Im about to close on a 30 year SONYMA loan and thinking aboutrefi down the road. I noticed NFCU loans have no PMI but Sebonic rates are alwayslow and .. not sure why they never list fees.. hmmm

Any ever heard of or dealt with this company?

The online reviews are very good and looking at their fees seemquite lower than alot of other ppl

btw what are teachers federal CU never talked about on here?

It seems their rates beat everyone unless I’m reading this wrong

Im about to close on a 30 year SONYMA loan and thinking aboutrefi down the road. I noticed NFCU loans have no PMI but Sebonic rates are alwayslow and .. not sure why they never list fees.. hmmm

A bit late to your post but I have been trying to buy with them for over a year now. I keep getting outbid on the local level….. Anyway I just had to reapp with them again today. Down sides so far is that they aren’t open on the weekend… Well my old MLO gave me his phone number and ran Pre-Approvals anytime I needed them . Now I’m starting over again . My cousin on the other hand refinanced with them last summer and has had no problems with them so far.

Sorry my response is so late… They do have the most reviews and some of the lowest % rates…

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