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Sebonic Financial Mortgage Review | 2022

Sebonic Financial’s proprietary digital platform helps you close your purchase or refinance loan quickly and with a minimum of fuss.

Daria Uhlig Daria Uhlig Updated March 31, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Sebonic Financial was established nearly 30 years ago to reinvent the mortgage process. The lender is a division of Cardinal Financial Company, which is licensed to originate loans in all 50 states and the District of Columbia.

If you’re looking for a lender with a robust online mortgage experience, Sebonic could be a good choice. By working with Sebonic, you’ll get access to Octane — the company’s digital platform — which lets you submit your information online and guides you through the mortgage process with a convenient to-do list.

At a glance: Sebonic Financial has a streamlined digital loan platform to keep your mortgage loan moving through processing, but the lender doesn’t divulge much loan information on its website.

In this review:

  • Sebonic Financial mortgage purchase review
  • Sebonic Financial mortgage refinancing review
  • How Does Sebonic Financial stack up?

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 don’t qualify for a conventional loan

Standout feature: Sebonic Financial’s 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 company’s website also lists jumbo loans, they’ve been suspended temporarily due to the pandemic. Loan terms vary by loan, but fixed and variable rates are available.

Tip: If you’re a prospective borrower planning to purchase a home using a conventional loan, you can save on interest by selecting a 10-to-20-year term rather than a 30-year one.

Generally speaking, Sebonic’s 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, you’ll 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, they’ll email you a link you can use to apply for a mortgage using Octane — the company’s digital home loan platform.

Mortgage programsConventional, FHA, VA, USDA
Fixed-rate loan terms10, 15, 20, 30 years
Adjustable-rate loan termsUp to 10/1
Rates and fees$1,490 origination fee; rates vary by loan and buyer qualifications
Min. credit score
  • Conventional: 620
  • FHA: 550
  • VA, USDA: Contact rep
Min. down payment
  • Conventional: 5%
  • FHA: 3.5%
  • VA, USDA: 0%

Check Out: Today’s Jumbo Loan Rates

Pros and cons of buying a home through Sebonic Financial

Sebonic Financial has all the loan options most buyers are likely to need, but, like with every mortgage lender, there are pros and cons you should be aware of.

Pros

  • Competitive rates
  • Paperless application and loan process
  • Finances second homes and rental properties

Cons

  • No information about rates, fees, or loan terms on public-facing website
  • Doesn’t offer renovation refinance loans or home equity loans
  • No customer service hours posted on website

With Credible, you can find prequalified rates in a matter of minutes. Our online tools allow you to easily compare all of our partner lenders and secure a great rate — it’s free, and you don’t even have to leave our platform.

Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

Find Rates Now

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Keep Reading: 13 Tips for First-Time Homebuyers: Your Must-Know Advice

Sebonic Financial mortgage refinancing review

Best for:

  • Homeowners who can reduce their interest rate
  • Homeowners looking to refinance from an adjustable rate to a fixed rate
  • Homeowners with an FHA loan who want to refinance into a conventional loan

Standout feature: As with its purchase loans, Sebonic Financial offers a paperless refinance process.

Sebonic Financial offers the same products for its refinance loans as it does for its purchase loans. A cash-out option is also available to homeowners who have enough equity in their homes.

Refinancing might be the way to go if you want to lock in a low fixed rate or refinance an FHA loan into a conventional loan. Just remember that refinancing also comes with closing costs, which can run you between 2% to 5% of your total loan amount.

The process for refinancing is similar to the purchase process — you’ll apply for your loan and work through the approval process using the Octane platform.

Mortgage refinance programsConventional, FHA, VA, USDA
Fixed-rate loan terms10, 15, 20, 30 years
Adjustable-rate loan termsUp to 10/1
Rates and fees$1,490 origination fee; rates vary by loan, loan amount and buyer qualifications
Min. credit score
  • Conventional: 620
  • FHA: 550
  • VA, USDA: Contact lender

Pros and cons of refinancing through Sebonic Financial

Sebonic Financial’s refinance loans could be exactly what you’re looking for, but weigh these pros and cons before you decide.

Pros

  • Online application and processing
  • 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

How does Sebonic Financial stack up?

If you like Sebonic Financial’s 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 you’ll get access to dozens of personalized prequalified rates.

 


The company above is one of Credible’s 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, doesn’t 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 (if any) are not impacted by this compensation.

About the author
Daria Uhlig
Daria Uhlig

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.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.