Business Insider's personal finance team compared Sebonic Financial to the best mortgage lenders and found it to be a standard lender.
Sebonic Financial Mortgages is a decent choice for government-backed and jumbo mortgage borrowers. But overall, its offerings are fairly basic, and it has few special features that might attract borrowers. Its average fees are also on the high end.
620
3%
Conforming, FHA, VA, USDA, jumbo, renovation
- Accepts low scores on its FHA loans
- Offers an interest-only jumbo ARM
- Limited loan options
- High average fees
- Need to talk to a loan officer to get a rate quote
- Available in all 50 states and Washington, D.C.
- Offers jumbo loan amounts up to $3 million
- Minimum credit score and down payment displayed are for conforming mortgages
Sebonic Financial Overview
You can get started with Sebonic Financial online or over the phone. Sebonic lends in all 50 states and Washington, D.C.
Mortgage Options
Sebonic Financial offers the following types of mortgages:
- Conforming loans
- FHA loans
- VA loans
- USDA loans
- Jumbo mortgages, including an interest-only jumbo option, which allows you to only pay interest on your mortgage for a period of time, after which you'll pay both interest and principal
- Renovation loans
Sebonic Financial Mortgage Interest Rates and Fees
According to our review of Home Mortgage Disclosure Act data, Sebonic Financial's mortgage rates are right around average.
In 2023, the average borrower getting a conventional loan from this lender paid $6,101 in origination charges, according to HMDA data. This is on the high end compared to other lenders.
Sebonic doesn't show any sample rates online. It doesn't disclose what types of lender fees it charges, or how much borrowers might pay for those fees.
To get a rate quote from Sebonic, you'll need to provide some information about the home you want to purchase and your credit, as well as your email and phone number.
Sebonic Financial Pros and Cons
Pros
- FHA loan borrowers can get mortgages with credit scores as low as 550
- Offers an interest-only jumbo ARM
Many lenders required borrowers to have a credit score of 580 or higher to qualify for an FHA loan, but with Sebonic you could potentially qualify with a score as low as 550.
However, when you get an FHA loan with a score this low, you'll need to put at least 10% down.
Cons
- Limited loan offerings
- Average fees are on the high end
- You'll need to fill out a form and talk to a loan officer to get a customized rate
Sebonic offers some of the most popular types of mortgages, but if you're looking for a more niche loan type, you'll need to look elsewhere.
Is Sebonic Financial Trustworthy?
Cardinal Financial, the company that Sebonic Financial is a division of, has an A+ rating from the Better Business Bureau.
In 2023, Cardinal Financial paid $7.2 million to settle a class action lawsuit alleging that the lender violated the Telephone Consumer Protection Act by contacting consumers whose phone numbers were listed on the National Do Not Call Registry.
What Borrowers Are Saying About Sebonic Financial
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Sebonic Financial's mortgage process.
Positive Customer Experiences, but Few Recent Reviews
Most online customer reviews for Sebonic are positive, but there aren't many recent reviews of the lender online, so it's hard to gauge what the current customer experience is like.
How Sebonic Financial Compares
Sebonic Financial vs. NBKC Bank Mortgages
In addition to its traditional mortgage options, NBKC Bank also offers construction loans, HELOCs, and mortgages for pilots. It ranks high in customer satisfaction, offers an easy online application process, and its average fees are pretty low, according to HMDA data.
However, unlike Sebonic, NBKC doesn't offer renovation loans or USDA loans.
Sebonic Financial vs. Better Mortgages
Better offers low average rates, a convenient online experience, and a down payment grant of up to $5,000 for eligible borrowers. It also offers home equity loans and HELOCs, while Sebonic does not.
Sebonic Financial Mortgage FAQs
Sebonic Financials' mortgage rates are around average compared to other lenders. To see the lender's current rates, you'll need to fill out a form to have someone contact you.
Yes, Sebonic Financial is a direct lender that offers conforming, FHA, VA, USDA, jumbo, and renovation loans.
Sebonic Financial is a division of the online mortgage lender Cardinal Financial. Its headquarters are based in Charlotte, North Carolina.
Why You Should Trust Us: How We Reviewed Sebonic Financial
For our review of Sebonic Financial, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 3.5 out of 5
Sebonic Financial's loan options are pretty basic, though they should meet most borrowers' needs. The lender also offers renovation loans.
Affordability: 3.5 out of 5
Sebonic allows relatively low credit scores on its FHA loans, potentially making it a good option for those with poor credit. But it's average fees are a bit high.
Customer Satisfaction: 4.43 out of 5
On its Zillow lender profile, Sebonic has a 4.43 out of 5-star rating, based on over 3,000 online customer reviews. However, these reviews are older, so it's hard to know what current customers think of the lender.
Trustworthiness: 5 out of 5
Cardinal Financial, Sebonic's parent company, has an A+ rating from the BBB. A strong BBB grade indicates a company is honest in its advertising, transparent about business practices, and effective in responding to customer complaints.
In 2023, Cardinal Financial settled a class action lawsuit alleging that it violated the Telephone Consumer Protection Act by contacting consumers on the National Do Not Call Registry.
