Whether you’re purchasing a new home or refinancing the loan on your current one, thinking about the mortgage process can be enough to give you a headache.
Although you might want to work with a local lender to process your loan, online mortgage company Sebonic Financial could offer a less time-intensive experience.
This Sebonic Financial review offers a peek into the lender’s mortgage options, how it can make the mortgage process simpler for you, and how to receive a quote.
Sebonic Financial review
A subsidiary of Cardinal Financial Company, Sebonic Financial offers a variety of mortgage products for both new home purchases and refinances.
It touts its mortgage processing platform, Octane, as a way to keep closing costs low for borrowers and accelerate the closing process.
Sebonic Financial review: Loan options
Sebonic Financial offers a handful of mortgage products to help you get into the home of your dreams.
If you’re looking for a basic mortgage and have some down payment money, this might be a good option. You can qualify for a Sebonic Financial conventional loan if your credit score is at least 620 and you put down at least 5 percent.
If you’re looking to buy a home that costs more than the 2018 limit of $453,100 on conventional mortgages (or $679,650 in Alaska and Hawaii), you’ll likely need to apply for a jumbo loan.
With Sebonic Financial’s jumbo loan, you can borrow up to $3 million. You can even get an interest-only adjustable-rate mortgage.
Federal Housing Administration (FHA) loan
If your credit isn’t good enough to qualify for a conventional mortgage, Sebonic Financial’s FHA loan might be worth considering. With a credit score of 600 or higher, you can qualify for a loan with a down payment as low as 3.5 percent.
U.S. Department of Agriculture (USDA) loan
If you’re searching for a home in a rural area, you might qualify for a USDA loan. These loans have no minimum down payment requirement and are available to people with low to moderate incomes.
Veterans Affairs (VA) loan
If you’re an active-duty service member or veteran, you might qualify for a VA loan. Sebonic Financial offers VA loans to eligible borrowers with low rates and no private mortgage insurance (PMI).
Sebonic Financial review: Interest rates and fees
Like other mortgage lenders, Sebonic Financial’s mortgage rates are dictated by market rates that can change several times per day.
Your mortgage interest rate also can vary depending on your credit and financial profiles, how much you’re borrowing, and how big your down payment is.
As for fees, the lender can provide a cheaper experience than traditional mortgage lenders. It charges none of the fees you’d typically pay to a lender, such as a credit report fee, a processing fee, or an underwriting fee.
Sebonic Financial review: Using the online platform
You can use Sebonic Financial’s online platform to start the application process for a mortgage on a new purchase or to refinance your current mortgage.
The online quote process is as simple as it gets. Answer a few questions about yourself and the home you plan to purchase, and Sebonic Financial will reach out to you with a quote.
You’ll start with where you’re looking to buy, the type of loan you want, and the property type.
Next, you’ll share your credit score range, whether you’re a first-time homebuyer, where you are in the homebuying process, and how you plan to use the home.
Sebonic Financial also will want to know how much you’re planning to borrow, the type of interest rate you want, and your income.
You’ll also share your employment status, whether you can prove your income, whether you’ve had a bankruptcy recently, and whether you’re working with an agent.
If you’re not working with an agent, Sebonic Financial will offer to put you in touch with a partner agent in your area.
Lastly, you’ll share your name, email address, and phone number and submit your application for a quote. Sebonic Financial will reach out to you directly with your quote, and you can decide then whether to move forward with the lender.
If you’re approved and close on a mortgage with Sebonic Financial, you’ll be directed to set up an account with Dovenmuehle Mortgage, which will be your loan servicer going forward.
Sebonic Financial reviews: What do customers think?
You might be wary of working with an online-only mortgage lender, but based on customer reviews of Sebonic Financial, your experience will be an overwhelmingly positive one.
As of January 2018, the lender has more than 2,500 reviews on Zillow and 4.62 out of five stars on average. Here are just a few reviews (lightly edited for spelling and grammar):
“The folks at Sebonic were thorough and communicative in this process. Their online portal is easy to use. The process was simple and straightforward! We were able to close earlier than expected, get a rate that was lower than expected … honestly, can’t say enough good things.”
“Love how automated the process was. All online, where you can follow it step by step. The times I did need to speak with a human, they were prompt, helpful, and courteous. Can’t get much easier than this.”
“We’d never heard of Sebonic Financial before and felt a little weird about giving so much sensitive info to unknowns. We trusted that its listing with Zillow was some indicator of its legitimacy. In fact, they were easy to work with, efficient and got our refi funded quickly (I think it was three weeks).”
The automated loan process isn’t the best fit for everyone, though. A few customers complained that they needed to submit the same documents multiple times, and others felt pressured by the loan officers. Although these complaints are few and far between, you should remain aware during the application process.
Sebonic Financial review: Is it right for you?
When you’re applying for a mortgage, you want a seamless process that won’t add more stress to the experience of buying a home. Based on Sebonic Financial reviews by customers, the lender offers that experience.
It’s a good idea to compare several choices before deciding on the one that’s best for you, though. The good news about Sebonic Financial is you can get a rate quote without giving out much sensitive information; you don’t even need to share your Social Security number.
So, if you’re looking for a mortgage for your home purchase or refinance, check out Sebonic Financial and other top mortgage companies to see which one offers the lowest mortgage interest rates and best overall deal for your needs.
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