In the world of mortgage lending, selecting the right financial partner is paramount. Cardinal Financial, also known as Sebonic Financial, stands out as a noteworthy player in this arena. With a diverse array of loan products and a robust online platform, Cardinal Financial has become a top choice for borrowers throughout the United States. In this comprehensive review, we’ll delve into the details to understand what sets Cardinal Financial Mortgage apart from the rest.
Cardinal Financial Overview
Founded in 1987 and headquartered in Charlotte, North Carolina, Cardinal Financial boasts an extensive network of over 115 brick-and-mortar locations alongside a formidable online presence. This nationwide reach ensures that borrowers from all corners of the country can benefit from their services. Cardinal Financial’s product offerings cover a broad spectrum, including purchase, refinance, and government-insured loans, making it a versatile choice for a wide range of borrowers.
Loan Options
Cardinal Financial leaves no stone unturned when it comes to loan options. Whether you’re in the market for a conventional loan, a jumbo mortgage, an FHA loan, a VA loan, a USDA loan, a fixed-rate mortgage, an adjustable-rate mortgage, or specialized loans for construction and renovation, they’ve got you covered. Additionally, Cardinal Financial offers investment property loans, catering to the needs of both homebuyers and real estate investors.
Minimum Credit Requirements
One of the standout features of Cardinal Financial is its accessible credit requirements. To qualify for their loans, you need a minimum credit score of 580 for conventional loans, 550 for FHA loans, 550 for VA loans, and 580 for USDA loans. This inclusivity opens doors for borrowers who might not meet stricter credit standards elsewhere.
Nationwide Availability
Cardinal Financial’s services are available in all 50 states, ensuring that their lending solutions are accessible to everyone across the United States.
Down Payment Assistance
For many prospective homeowners, the down payment can be a significant hurdle. Cardinal Financial aims to alleviate this concern by offering down payment assistance programs. They require a minimal 3% down payment for conventional loans, 3.5% for FHA loans, and for VA and USDA loans, no down payment is needed. These programs can be a game-changer for first-time buyers and others looking to reduce the initial financial burden of homeownership.
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Pros and Cons
Before making any major financial decision, it’s essential to weigh the pros and cons. Here’s what you need to know about Cardinal Financial:
Pros
- Wide Range of Housing: Cardinal Financial caters to various housing needs, including new-construction homes, tiny homes, and even container homes.
- Disaster Relief Home Financing: They offer specialized financing for those affected by natural disasters, providing crucial support during challenging times.
- First-Time Homebuyer and Down Payment Assistance: Cardinal Financial participates in programs designed to assist first-time homebuyers and those seeking down payment support.
Cons
- No Home Equity Options: One notable drawback is the absence of home equity lines of credit (HELOCs) or home equity loans.
- Limited Online Information: While Cardinal Financial excels in many areas, their online resources regarding fees and interest rates could be more comprehensive.
Finance Devil Score
Cardinal Financial earns an impressive Finance Devil Score of 4.8 out of 5. This score reflects their commitment to providing competitive mortgage solutions and an excellent borrower experience.
Methodology
Finance Devil rates lenders based on several key factors, including affordability, availability, and borrower experience. Cardinal Financial excels in all these aspects, which contributes to its high Finance Devil Score.
- Affordability: Cardinal Financial offers competitive interest rates on a wide range of home financing products. While they charge a flat $1,490 per loan, they also participate in various programs for first-time homebuyers, making homeownership more attainable.
- Availability: Cardinal Financial stands out with its diverse array of loan options, accommodating various property types and offering disaster relief loans. Their lower credit score requirements make them accessible to a broader audience.
- Borrower Experience: Cardinal Financial’s user-friendly digital mortgage platform simplifies the lending process. They have received excellent ratings from the Better Business Bureau and Trustpilot, highlighting their commitment to customer satisfaction.
How to Apply for a Mortgage with Cardinal Financial
Applying for a mortgage with Cardinal Financial is straightforward and can be done online, in-person, or by phone. Their customer service team is readily available to assist you with any questions or concerns, and they offer flexible service hours from Monday through Friday, 8 a.m. to 8 p.m. ET.
Here are some tips to prepare for the mortgage application process:
- Check Your Credit Report: Ensure your credit report is accurate and in good standing. This can impact your loan approval and the interest rate you receive.
- Gather Documentation: Be prepared to provide documentation related to your income, assets, and debts. This typically includes pay stubs, W-2s, and account and loan statements.
- Property Information: If you’re purchasing a home, you’ll need to provide the property’s address for appraisal purposes.
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Octane: Cardinal’s Loan Origination System
Cardinal Financial offers a unique advantage with its proprietary loan origination system called Octane. This technology guides you through the entire home loan process, from loan option selection to e-sign capabilities. Whether you need prequalification or preapproval, Octane has you covered. Additionally, if you choose to finance with Cardinal, you can conveniently access your loan details and monitor your account balance through this platform.
Refinancing with Cardinal Financial
Cardinal Financial extends its expertise to homeowners seeking to refinance their mortgages. While specific interest rates and costs associated with refinancing are not readily available online, their commitment to tailored financial solutions ensures that you can explore refinancing options that suit your needs.
Compare Cardinal Financial to Other Lenders
Before making a final decision, it’s wise to compare Cardinal Financial to other lenders. Here’s a brief comparison:
Cardinal Financial
- Finance Devil Score: 4.8 stars out of 5
- Loan Options: Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation loans; investment property
- Minimum Credit Score: 580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans
- Down Payment: 3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans
- Nationwide Availability: All U.S. states
Better Mortgage
- Finance Devil Score: 5 stars out of 5
- Loan Options: Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA, and bridge loans
New American Funding
- Finance Devil Score: 4.8 stars out of 5
- Loan Options: Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out, and streamline refinancing; home equity line of credit (HELOC); investment property; flex-term; non-QM; reverse mortgages
To Recap
Cardinal Financial shines as a versatile mortgage lender with accessible credit requirements, a wide range of loan options, and a commitment to providing a positive borrower experience. While it lacks certain home equity options and could enhance its online information, its strengths far outweigh its weaknesses, making it a strong contender in the mortgage market for 2023. If you’re in search of a mortgage lender that can adapt to your specific needs, Cardinal Financial is worth considering.
Frequently Asked Questions
Can I apply for a Cardinal Financial mortgage if I have a credit score below 580?
- Cardinal Financial sets a minimum credit score requirement of 580 for conventional loans. However, if your credit score is below this threshold, it’s essential to understand that Cardinal Financial offers other options for borrowers with lower credit scores. These options may include FHA loans, VA loans, or USDA loans, which have lower credit score requirements.
- FHA loans typically require a credit score of 550 or higher. VA loans also have a minimum credit score of 550. USDA loans, like conventional loans, require a minimum credit score of 580. It’s advisable to reach out to Cardinal Financial’s experienced loan officers to discuss your specific situation. They can help you explore the loan options available to you based on your credit score and financial circumstances.
What sets Cardinal Financial apart from other lenders?
- Cardinal Financial distinguishes itself from other lenders in several ways:
- Wide Range of Loan Options: Cardinal Financial offers a broad spectrum of loan products, including conventional loans, jumbo mortgages, FHA loans, VA loans, USDA loans, fixed-rate mortgages, adjustable-rate mortgages, and specialized loans for construction and renovation. This extensive variety allows borrowers to find a loan that precisely suits their needs.
- Nationwide Availability: Unlike some lenders that are limited to specific regions, Cardinal Financial operates in all 50 states across the United States. This ensures that their lending solutions are accessible to borrowers in diverse geographical locations.
- Down Payment Assistance Programs: Cardinal Financial is committed to assisting homebuyers with down payment concerns. They require a minimal 3% down payment for conventional loans, 3.5% for FHA loans, and for VA and USDA loans, no down payment is needed. These programs can significantly ease the initial financial burden of homeownership for first-time buyers and others.
Is Cardinal Financial a suitable option for first-time homebuyers?
- Yes, Cardinal Financial is an excellent choice for first-time homebuyers. They actively participate in programs designed to assist first-time homebuyers in their quest to become homeowners. These programs often provide additional support and financial incentives to make the homebuying process more accessible. For instance, the down payment assistance programs mentioned earlier are beneficial to first-time buyers who might have limited resources for a substantial down payment. Additionally, Cardinal Financial’s extensive range of loan options allows first-time buyers to choose a mortgage that aligns with their unique financial situation and housing needs.
How can I access Cardinal Financial’s loan origination system, Octane?
- Accessing Cardinal Financial’s proprietary loan origination system, Octane, is convenient if you choose to finance your home purchase or refinance through Cardinal Financial. Octane serves as a comprehensive platform that guides you through the entire home loan process.
- Whether you’re at the stage of prequalification or preapproval, Octane provides valuable assistance. It streamlines the application process and offers e-sign capabilities for added convenience. Once you become a Cardinal Financial customer, you can readily access your loan details and monitor your account balance through this platform.
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