Cardinal Financial

We highly recommend Cardinal Financial to buyers and current homeowners who are looking for a lender that goes above and beyond to provide a personalized experience.

A common theme in our reviews are individual Cardinal Financial loan officers called out by name and praised for their honesty, dedication and patience. Many reviewers felt guided and benefited through the confusing mortgage process because of their loan officer.

One Ohio reviewer even said of their loan officer, “I am still in awe and extremely grateful for his advice and guidance. It's rare to encounter someone who is in it for the ‘passion’ of it.”

Another reviewer mentioned of their loan officer, “His steadfast approach to tackling all the different problems that we had along the way, his creative flexibility, in tackling them one at a time or all at once as the situation dictated and his overall "sticktoitiveness" in maintaining accountability in these matters to help us see them through.”

While we think many home shoppers would be satisfied with Cardinal Financial, it is not an ideal fit for those who don’t want a 100% online lender. For those who prioritize an in-person experience, your local bank or credit union for your home loan might be the better option.

» Jump to article

We gave Cardinal Financial the top score for many factors, including the application process, loan types and requirements. Not only did Cardinal Financial have glowing reviews for these aspects, but it makes it easy to find information about requirements and more through its website.

Cardinal Financial was downgraded to a good rating for its rates and closing costs only because it does not publish this information on its site. Reviewers were happy with both, but full transparency online would have been helpful for buyers still in the research phase.

Cardinal Financial doesn’t post its starting mortgage rates online, which is one of the reasons why we rated the lender as good rather than excellent. However, you can get a free rate quote; start the process by answering a few brief questions on the website, and a representative will contact you shortly after.

A handful of reviewers mentioned that while Cardinal Financial’s rates were on par with other lenders, it was the level of customer service that ultimately led them to work with the lender.

“Many of the rates were similar, but [the loan officer’s] responsiveness beat out the competition,” said Nina from Florida.

Another customer from Texas said, “Cardinal Financial really delivers great customer service and highly competitive rates—enough so that we switched from another lender during our refinancing process.”

Cardinal Financial doesn’t post its starting mortgage rates online. However, you can get a free rate quote; start the process by answering a few brief questions on the website, and a representative will contact you shortly after.

Cardinal Financial offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs have a relatively low introductory rate for a set length of time (generally three to seven years). Then the rate adjusts based on a benchmark index and margin used by the lender. The low introductory rates are attractive to borrowers, but it can be a shock when the rate reset comes if monthly payments increase.

An ARM could be a good choice if you plan to own your home for a few years and then sell it before the introductory rate resets. But with interest rates rising lately, it's important to carefully think about all possible future scenarios.

Compared with other lender rates, Cardinal Financial’s rates on home purchase loans were right around the national average from 2019 to 2021.

Cardinal Financial average home purchase rate vs. national average

You start the application process by requesting a free rate quote on the company’s website. The online form starts by asking you if you’re purchasing or refinancing.

If you’re purchasing, you then answer questions about the type of property, how you plan to use the property, where you are in the homebuying process, the location where you’re buying, the estimated purchase cost, your down payment amount and your credit history.

If you’re refinancing, Cardinal Financial asks about your objective (e.g., lowering your payment, getting cash out), the value of the property and your remaining mortgage balance.

A loan originator then contacts you to provide loan recommendations, answer questions and guide you through the process, beginning with getting a certified preapproval letter. After this initial call, you should receive a link to Octane, Cardinal Financial’s origination platform. This is where you upload supporting documentation and track your loan progress.

Once your application is complete, you can expect an approval decision within 24 hours.

“This was the fastest and easiest process to refinance our home. In Less than a month we were signing closing papers and loan ready to go,” said Adrianna from Texas.

Curtis of Michigan shared similar praise for the process, saying, “Cardinal Financial has a very efficient web portal to submit documentation, receive copies of reports and appraisals and obtain real time updates on the mortgage application process.”

Cardinal Financial application features

Cardinal Financial offers a variety of mortgage products, including conventional loans with fixed and adjustable rates and jumbo loans. In addition, the company offers government-backed FHA, VA and USDA loans. Conventional loan terms can range from 10 to 30 years. You can also refinance an existing home loan with Cardinal Financial, whether you’re aiming to cash out or get a lower interest rate.

Cardinal Financial also offers specialized financing for home renovations and repairs, buying a condo and buying a tiny home.

In 2021, Cardinal Financial took in 63,165 loan applications for purchase loans. Of those applications, 39,660 (62.8%) turned into closed loans, while 17,013 (26.9%) were denied.

Even when one Florida reviewer couldn’t get their original loan type approved, their loan officer still worked with them to secure a different loan.

Marissa from Virginia was one of the reviewers who used Cardinal Financial for a VA loan and said that the whole process “was a breeze.”

Loan applications for home purchases only by year

Refinancing

In 2021, most of the loans Cardinal Financial originated were for refinancing (about 62%, combining rate-and-term and cash-out refinances). A little over a third (about 38%) of loans were home purchase loans.

In 2020 and 2021, many homeowners refinanced their loans in an environment of historically low interest rates. Borrowers could save money in the long run by locking in a lower interest rate, even after accompanying fees and closing costs.

Since that time, interest rates have risen. Today’s higher rates may make refinancing less attractive to borrowers this year.

Home purchase vs. refinance loans by year

Each type of mortgage from Cardinal Financial has its own set of borrower requirements to determine eligibility and how much you can borrow.

Cardinal Financial clearly states its borrower requirements online. The company requires a 620 credit score and a minimum down payment of 3% for its conventional loans. FHA, VA, and USDA loans require a 580 credit score; FHA loans require a down payment of at least 3.5%, while VA and USDA loans don’t require any down payment. Jumbo loans require a credit score of at least 660.

“When I didn't [qualify] several months ago [the loan officer] continued to assist me with specific instructions on how to negotiate and clean up my credit (this took months),” said Lorrie, a reviewer from Georgia. “Then I finally qualified for a loan. He assisted me with all problems/issues as they came up morning, noon, and night, and by text, telephone, and email.”

Cardinal Financial mortgage requirements by type

Cardinal Financial doesn’t disclose specific loan costs and fees. Closing costs are usually between 2% and 5% of the loan amount, according to the company. Closing costs can include loan fees, title fees, taxes and insurance.

After you apply, Cardinal Financial is required by law to provide a Loan Estimate with estimated loan fees and costs. Before you close on the loan, you’ll receive a Closing Disclosure with exact amounts for fees and costs, including how much cash you need to bring to the closing.

One cash-out refinance customer was able to pay off all of their debt with Cardinal Financial. They said, “There were no hidden fees/costs which is why I chose this company over any other lender.”

Compare Cardinal Financial to other lenders