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.
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 programs | Conventional, FHA, VA, USDA |
| Fixed-rate loan terms | 10, 15, 20, 30 years |
| Adjustable-rate loan terms | Up to 10/1 |
| Rates and fees | $1,490 origination fee; rates vary by loan and buyer qualifications |
| Min. credit score |
|
| Min. down payment |
|
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.
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 programs | Conventional, FHA, VA, USDA |
| Fixed-rate loan terms | 10, 15, 20, 30 years |
| Adjustable-rate loan terms | Up to 10/1 |
| Rates and fees | $1,490 origination fee; rates vary by loan, loan amount and buyer qualifications |
| Min. credit score |
|
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.
