Skip to Main Content

Cardinal Financial Mortgage Review 2024

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Cardinal Financial

Editor's take

Cardinal Financial offers a vast array of mortgages for borrowers of all kinds, including lower-credit score borrowers and investors. Along with its loan options, this lender stands out for sophisticated home loan assistance technology. It was in the top 40 mortgage originators in the U.S. in 2022.

Bankrate Score
4.8
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Customer Rating
1.2
Rating: 1.2 stars out of 5

5 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% percent for FHA loans, none for VA loans and USDA loans

At a glance

Cardinal Financial

4.8

Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans

Cardinal Financial overview

Cardinal Financial, also doing business as Sebonic Financial, is a national mortgage lender with both brick-and-mortar and online operations. The Charlotte, North Carolina-based lender offers purchase, refinance and government-backed loans as well as niche products like disaster relief home financing. Borrowers with this lender have closed in as few as seven days, but the average closing takes 30. 

Lightbulb

Bankrate insight

Cardinal Financial helps connect first-time homebuyers with community lending and down payment and closing cost assistance programs nationwide.  

Pros and cons of Cardinal Financial

Pros
  • Checkmark

    Mortgages for virtually every type of property, from new-construction to tiny homes

  • Checkmark

    Participates in first-time homebuyer and down payment assistance programs nationwide

Cons
  • Close X

    No mortgage rates on its website

  • Close X

    No home equity products

Our Editor’s Take on Cardinal Financial

Cardinal Financial offers a vast array of mortgages for borrowers of all kinds, including lower-credit score borrowers and investors. Along with its loan options, this lender stands out for sophisticated home loan assistance technology. It was in the top 40 mortgage originators in the U.S. in 2022.

How Bankrate scored Cardinal Financial

  • Affordability: Cardinal Financial’s mortgage rates are in line with Bankrate’s averages. Like many lenders, it charges a flat fee on loans.
  • Availability: Regardless of what state you live in, you can work with Cardinal Financial for a mortgage, provided you qualify. Notably, the lender offers many types of loans, some for unique circumstances, and generally has lower minimum credit thresholds.
  • Borrower experience: Cardinal Financial stands out for its digital mortgage platform, a user-friendly system which takes you through the lending process step by step. It ranks below-average for customer satisfaction, however.

Affordability: 10/10

Cardinal Financial offers competitive interest rates on a diverse range of home financing products. To compare its costs to others, however, you’ll need to request a quote. (Many other lenders provide rates upfront online, or allow you to request a quote without waiting for a loan officer to contact you.) As far as fees, Cardinal charges a flat $1,490 per loan. While other lenders might not charge fees per loan, Cardinal’s APRs (which reflect the fees and interest rate) were lower than Bankrate’s averages at the tiime of this review. The lender participates in a variety of programs for first-time homebuyers, including down payment assistance.

Availability: 10/10

Cardinal Financial offers an impressively varied array of options, from conventional and government-backed loans to financing for special types of properties (think manufactured, rental and container homes). Cardinal also offers disaster relief loans. Another highlight: Its credit score minimums are significantly lower than those of other lenders, at 580 for conventional and USDA loans and 550 for FHA and VA loans. If you don’t have a credit score, the lender also has the ability to manually underwrite some loans.

Borrower experience: 8.5/10

Cardinal Financial has long emphasized a sensitivity to borrowers’ preferences, as evidenced in its pivoting from less branch locations to more online services. It has high marks from customers with the Better Business Bureau (and an A+ grade from the organization), plus a rating of “Excellent” from Trustpilot. The lender landed below average in J.D. Power’s 2023 customer satisfaction survey, however. The lender doesn’t have a mobile app, but does provide calculators, a mortgage glossary, easily digestible answers to frequently asked questions about the mortgage process and a blog with even more resources online. Its customer service hours are Monday through Friday, 8 a.m. to 8 p.m. ET.

How to apply for a mortgage with Cardinal Financial

You can apply for a mortgage with Cardinal Financial in person at a branch location, online or by phone at 855-561-4944. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Learn more: How to get a mortgage

Refinancing with Cardinal Financial

Cardinal Financial offers both rate-and-term and cash-out refinancing options. Its website offers a helpful refinance calculator that allows you to estimate how refinancing could affect your current monthly payment.

FAQ about Cardinal Financial

What is Octane?

Octane is Cardinal Financial’s proprietary loan origination system. The technology guides you through the process, from displaying loan options (complete with closing costs) to offering e-sign capability. You can obtain a prequalification or preapproval through the platform, as well. If you do end up financing with Cardinal, Octane also offers a way to obtain your loan’s details and track your account balance.

Compare Cardinal Financial to other lenders

Cardinal Financial

Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.8

Bankrate Score
Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.9

Bankrate Score
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.8

Bankrate Score
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% percent for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA 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

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Cardinal Financial customer ratings and reviews

logo

1.2

Rating: 1.2 stars out of 5

5 ratings

This lender has 5 recent reviews.

Knowledge
Rating: 2.2 stars out of 5
Level of service
Rating: 1.6 stars out of 5
Professionalism
Rating: 1.4 stars out of 5
Responsiveness
Rating: 1.4 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
0%
0%
0%
20%
80%

0% of customers would recommend this lender.

5 of 5 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

Search
Caret Down
Rating: 1 stars out of 5

Disaster with Cardinal Financial

Cardinal Financial has been the most disappointing experience I’ve ever had purchasing a home. Loan manager promised a specific close date. All documents provided 2 weeks before close. The day before close they asked for needed employment documents (pay stub) which they knew we couldn’t provide because my start date was the close date. Wouldn’t accept HR offer letter. Now too late to meet our deadline. We transferred funds the week prior to close. Corporate representative responded with excuses as opposed to resolutions. Loan manager didn’t return phone calls or texts. If you are buying a house in Las Vegas. Stay clear of Cardinal Financial. Uncaring and incompetent.

Knowledge
Rating: 2 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 2 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

No

Ed
Las Vegas (May 1, 2024)

Rating: 1 stars out of 5

Escrow are higher every year by $200 dollars

I am recommending everyone not to do business with cardinal financial.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Tim h.
Virginia (Feb. 1, 2024)

Rating: 1 stars out of 5

Cardinal Mortgage has terrible customer service

I do not recommend Cardinal Financial Mortgage. Their Customer Service, Loss Mitigation, and Customer Advocacy departments are poorly trained. They frequently report inaccurate information to the credit bureaus. They kept stating they transferred my mortgage when they did not. They also continued debt collection even the my mortgage was paid off. You’re better off using a different mortgage company.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

No

Rose .
Atlanta (Jan. 6, 2024)

Rating: 1 stars out of 5

The worst lender of you have excellent credit

I was looking for a fair loan and I hate that I let them take advantage of me. Also, I don’t mean to sound in any way ignorant to my privilege of having an ok credit score. Please hear me out and make your own decision and be very, very careful if considering this company for a mortgage. They took me for a ride with a loan more than 1% higher than any junk loan I could have found at the time. The agent showed all the warning signs and again shame on me for not heeding the obvious warnings. Shop. Shop. Shop. Compare them to anyone else and you will likely get a better deal. Good luck. I can’t refinance and am stuck with a bloated loan. Don’t fall into the same trap I did.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

No

Living w.
FLA (Sept. 1, 2023)

Rating: 2 stars out of 5

Great until underwriting process

Loan Officers are great and very transparent and underwriting is pretty streamlined however due to everyone working remote no one talks to one another. Employment verification happens last instead of up front, they seem to be all over the place in extraneous documents they might need and it can take 48hrs for a request to be communicated via phone or Octane. We got a great rate but will refinance through a different lender in the next year.

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 2 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

No

Great a.
Kansas City, MO (Aug. 7, 2023)