Sebonic Financial Reviews - What Is It?
WARNING: DO NOT BUY Sebonic Financial Until You Read This Review!
Is it a Scam? Does It Really Work?
Sebonic Financial is an online mortgage lender that will provide you with six types of mortgages and a number of refinancing options. What differentiates Sebonic from other mortgage websites like Lending Tree or Better Mortgage is that this lender gives you the money directly and you don't have to go through a third-party. The company behind this website is Cardinal Financial, based in Charlotte, N.C. It might seem confusing, but Cardinal's website is created for borrowers who want to refinance their existing mortgage or to get a mortgage. There is no About Us section on the company's website, just like the company history. But we managed to find out this information on Cardinal Financial's About Us page. The company started in 1987 and has more than 900 employees.
The Sebonic.com domain name was registered in 2012, but there is no exact date when this website was launched. In any case, it is a professionally made website of a reputable online mortgage lender. According to statistics, the average mortgage in 2015 was $294,000 but we will learn what exactly Sebonic offers in the next part of this review. Hopeful you will understand whether this site is a good fit for you. Let's take a look at this important topic and try to dig into the details of Sebonic Financial. We'll see what other people are saying about it and make an overall conclusion at the end of our review.
Customer Reviews - Does Sebonic Financial Really Work?
Sebonic Financial offers refinance mortgages and purchase mortgages. Purchase mortgages provide you with money to buy a house, while refinance mortgages are used to get a lower rate on your current mortgage. In fact, there are different types of loans specially designed to meet the needs of clients and lenders. Sebonic provides six types of mortgages: Conventional, FHA, Jumbo, VA, Expanded and USDA. Conventional Loans include adjustable-rate mortgages (ARM) and fixed-rate mortgages of different lengths. The latter have one interest rate constantly, while ARMS have interest rates that may fluctuate based on economic changes in the country and world. Some ARMS offer five years of fixed-rate interest. Conventional mortgages require a minimal FICO score of 620 and can make a down payment of at least 5% of your buying price.
FHA Loans derive from "FHA" that means Federal Housing Administration, the company who backs this loan intended for Americans who want to get a home. This type of loan comes with a 3.5% down payment and the borrower should have a credit score of minimum 600. Jumbo Loans are mortgages made for more expensive homes (between $417,000 and $3 million). These loans are suitable for people with FICO scores of more than 700 and those who can pay a 20% down payment. VA Loans are made for military service members who need to get a home in an easy manner. "VA" stands for Veteran Affairs, the department who backs this type of loans. The borrower doesn't have to pay private mortgage insurance (PMI) or a down payment. Interest rates are usually very low on these loans. Expanded Loans are specially designed for people with lower income. It is enough to have a credit score as low as 560. The loan can be used for refinancing or purchases. USDA Loans are part of a federal program backed by the United States Department of Agriculture. This type of loans was made to promote homeownership in rural areas for people with low to medium income. It does not require any down payment. USDA loans are meant for homes located outside urban areas and having a low price.
Word-of-mouth appears to be really helpful when you need to figure out whether Sebonic Financial is suitable for you when you want to buy or refinance a home. When you read through customer reviews about this lender, make sure you consider both positive and negative comments. Do not just focus on one or the other. There are customer reviews from different websites. For example, Lending Tree contains more than 550 reviews, with the average rating of 4.7 stars. Many clients said their loan officer was kind and patient, while the loan process was pleasurable. Negative reviews centered on high fees and drawn-out paperwork processes. Zillow offers more than 2270 customer reviews, with an average rating of 4.5 stars. Most people were satisfied with the interest rates and loved the professionalism of their loan officers. They enjoyed the fast paperwork process and were pleased with their loans in general. Negative reviews included higher fees than expected. Let's take a look at the real example of users' reviews.
"I was skeptical about SebonicFinancial at first but still I applied for a refinance via Bankrate. I have read both positive and negative things about the company but I decided to check everything myself. Fortunately, John Ruskin (Loan Originator) and Cy Lokuan (Loan Processor) returned me the peace of mind. Both of them are diligent, highly responsive, and accurate in their job. I faced the cheapest rate, fees and APR in the end of the process. I would recommend this lender to my friends for a re-finance!"
"I recently refinanced with Sebonic Financial, and I can say with confidence that it my best mortgage-related experience I have ever had. Each representative I had to work with was professional, helpful, friendly, and expeditious. The entire process was speedy and easy. I closed in three weeks. I was able to schedule my closing at my home! So I didn't need to go anywhere."
"I am pleased with the assistance of Sebonic financial in my home refinance. The personnel of the company were attentive, professional, and courteous. The refinance was processed within the short time frame. I didn't expect that it would be so quickly. The rates and closing costs were quite reasonable. I would highly recommend this lender to everyone."
My Final Summary
It is important to find the right mortgage lender to make the process responsive and easy. If this is what you are looking for, you should consider Sebonic Financial. Their official website makes pre-approval fast and simple, and you will be impressed with a variety of loans offered by the company. You will undoubtedly find what will fit your needs the best. However, you may not be approved for the loan you want, as some types of loans come with serious requirements described higher. The mortgage amount is based on your credit, income, and other financial factors.
From all we have learnt about Sebonic Financial, there is a big chance you will like to work with this lender. By the way, their paperwork process is not a headache. If you are a busy person and you don't mind applying for a mortgage through their official website, this company is likely to be a good fit for you. In any case you will be provided with your personal loan officer who will accompany you through the process. it is worth mentioning that most customers are pleased with their officers. Taking into account all pros and cons of this lender, I would recommend Sebonic Financial to anyone who is looking for a low rate and perfect service!
Sebonic Financial Pricing and Rates
The rates and fees for mortgages at the company are based on different factors including your credit score and history, your income and the desired amount of loan. There are six types of mortgages offered by Sebonic Financial. To get exact information, you can call the customer service and ask your questions.