Sebonic Financial

Sebonic Financial Reviews

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About Sebonic Financial

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Sebonic Financial (NMLS #66247) is part of Cardinal Financial, a North Carolina-based mortgage lender that’s been in business since 1987. The company offers conventional, FHA, VA, USDA and jumbo loans for purchasing and refinancing. Its loans are available nationwide. You can start the application process by calling or filling out an online form and speaking with a loan specialist.

    Pros & Cons

    • Free rate quotes
    • Available in all 50 states
    • Multiple loan options
    • Proprietary Octane platform for loan management
    • No mobile app
    • No physical branches

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    Sebonic Financial does not publish its starting rates. You can get a personalized rate by clicking on “Free Quote” on its site and answering a series of questions; a loan specialist then contacts you to provide rate information. Your rate depends on personal factors such as your credit score, the home price and loan amount, the loan type and term, your down payment amount and the property location.

    Data provided under the Home Mortgage Disclosure Act shows that Cardinal Financial’s average home purchase rate from 2019 to 2021 has been very close to the national average. (Cardinal Financial’s data includes loans by Sebonic Financial.)

    Sebonic Financial average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    You can begin the application process by requesting a rate quote on Sebonic Financial’s website. The form starts by asking if you are purchasing or refinancing, and then you’ll answer questions about the property type, your funding timeline, the loan amount and how much down payment you plan to offer.

    Once you’ve submitted the form, a loan officer will contact you via email, text or phone to provide you with loan recommendations. Your loan officer will also send you a link to complete an application on Octane, Cardinal Financial’s loan origination platform. You can also use this platform to upload financial documentation and track your loan’s progress.

    Sebonic Financial application features

    Loan types

    Sebonic Financial offers a selection of home loan products that includes conventional loans, FHA loans, VA loans, USDA loans and jumbo loans. It provides loans for purchasing a home and refinancing an existing mortgage.

    From 2019 to 2021, Cardinal Financial, which does business as Sebonic, saw increasing numbers of home purchase loan applications.  In 2021, borrowers initiated 63,165 home purchase loan applications. About 63% turned into closed loans, while 27% of applications were denied.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In 2020 and 2021, the majority of the loans Cardinal Financial originated were for refinancing. Just over one-third of its loans each of these years were home purchase loans. This was in contrast to 2019, when a majority of Cardinal Financial loans were home purchase loans.

    Sebonic, like other U.S. mortgage lenders, saw an increased interest in refinancing in 2020 and 2021 as rates fell to all-time lows and borrowers sought better loan terms. As rates climb again, fewer borrowers are expected to apply for refinancing.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    Sebonic Financial discloses some of its borrower requirements online. The company requires a 620 credit score and a 5% down payment to qualify for a conventional loan.

    On FHA loans, it requires a minimum credit score of 550 and a minimum down payment of 3.5%. It doesn’t specify credit score guidelines for VA or USDA loans; neither requires a down payment.

    National mortgage requirements by type

    Cost and fees

    Sebonic Financial does not disclose specific costs and fees before you request a rate quote or apply for a loan.

    You can expect to pay about 2% to 5% of the loan amount in closing costs, which include any additional fees the lender may charge. Examples of closing costs are the appraisal cost, origination fee, credit reporting fee, discount points, escrow funds, mortgage insurance, taxes, homeowners insurance, title insurance and prepaid interest.

    Sebonic provides you with a document (Loan Estimate) after you apply that outlines estimated costs and fees.


    How does Sebonic Financial work?

    Sebonic Financial is a direct mortgage lender that’s part of Cardinal Financial. It offers conventional and government-backed purchase and refinance loans to customers throughout the U.S. To get started, you can call or go online and fill out the form for a free rate quote.

    Is Sebonic Financial legit?

    Sebonic Financial is a legitimate mortgage lender. Sebonic is backed by Cardinal Financial, which has been in business for over 30 years. In 2021, Cardinal Financial issued more than 105,000 loans.

    Where is Sebonic Financial available?

    Sebonic Financial lends to borrowers in all 50 states.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page . Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 14, 2022.

    Sebonic Financial Company Information

    Company Name:
    Sebonic Financial