TWO MONTHS!! Rate locked for 6 weeks. Started sending in requested info. Always some problem with it so more and more info sent. We were told we didn't have to pay off anything!! Rate lock expires. Fees to lock in a new rate. More info requested. More problems. ( They NEVER just sent a list of all they required.....just one or two items per week ) Rate lock expired. More fees. They requested a letter from our financial adviser who set up our annuity. He submitted it. A week later, they now wanted ANOTHER letter confirming the amount of the annuity. More delays. Then, suddenly, we have to pay off our revolving gas credit card...rate lock expires...more fees. Then, after demanding to speak with a supervisor, She basically says they can't trust my financial adviser and need to get all the info they asked of him from the company itself!! I blew up!!
Only two conclusions: They are incompetent and/or they Keep delaying to collect as much in fees as they can until they finally close it.
I will NEVER recommend this company!! NEVER!!
Review by Bph7 months ago
Warning: Incompetent! Unethical! Lied! Deceived! Wasted huge amount of our time! Now having to file complaint with the Consumer Financial Protection Bureau.
This was a basic loan. Sebonic was so incompetent, we had to intervene at every step of the way to do their job for them, to do Sebonic's job they were being paid $thousands to do, or it would have taken weeks longer to close. Even then, Sebonic still funded 11 days late.
I have an MBA and finance experience. Would you have been able to spot all of these illegal charges and errors? Would you have been able to intervene and unblock stalled processes to get your loan moving towards close?
Most borrowers would never even know they were ripped off because they don't understand the paperwork and processes. Further, Sebonic never discloses changes. It's up to you to find them. Buyer beware. Look upon any positive Sebonic reviews with skepticism as these are likely naive customers that were taken advantage of.
Do yourself a favor, stay away from Sebonic, stay away from Faith Milot!
I supervised a refinance for my ex-wife's house. Faith at Sebonic sucked her in with promises of reduced fees due to a business referral from my former brother-in-law. Except, then Sebonic just kept changing written agreements, adding fees, and ignoring numerous requests to explain them.
Worse, error after error after error kept delaying close, then delaying signing after close, then delaying loan funding. A.) We had to find these easter eggs ourselves, B.) We had to fight tooth and nail to get only some of them fixed, C.) Sebonic refused to credit excess interest charges piling up at $21/pay. In the end, my ex-wife was charged $214 in excess interest for Sebonic errors for which they refused to reimburse.
As an example, Sebonic charged $396 for a rate-lock extension due to their ongoing errors. We had to fight Sebonic for days. We were told time and again it was removed. Except it wasn't. They lied, attempting to deceive us. Fight after fight after fight.
All of this dishonesty consumed over 80 hours of our time scrutinizing, calling attention to mistakes, arguing, fighting for our rights via over 100 emails and dozens of phone calls and conference calls. Do you have 80 hours to waste?
At closing, Sebonic tried to illegally charge $456 in excess fees after having stated 2 months prior (in writing no less) these fees were waived as a courtesy when negotiating the loan structure.
After 80 hours of fighting, this was reduced to $267 of illegal fees my ex-misses ended up being ripped off for. Example, we explicitly negotiated $600 for an appraisal. At close Sebonic changed this to $675, violating the truth in lending loan estimate.
We had a competitive bid from a trusted mortgage broker we'd worked with for 2 1/2 decades with a dozen refi's done within our family. We were fools. Instead of trust this great lender, we believed Sebonic claims they would save us $1100. By the time we were done, it would have only cost us $40 (due to illegal extra costs at Sebonic) to have stuck with our trusted lender. We were stupid. Do not trust Faith, do not trust Sebonic.
And, we never would have spent even 1 extra hour with our trusted lender. Even had we saved $1100, the 80 hours of our time was never worth it. RIP OFF!!!!!
Lie upon lie upon lie, error upon error upon error. Do not trust Faith, do not trust Sebonic.
At the signing, they illegally snuck in new fees that they had to issue lender credits to cover after they failed an internal audit causing yet another delay and more interest charges piling up.
Again at signing, we had to print our own docs, because the docs they sent with the notary were WRONG! Twice! There was even a math error in the cash to close - only possible when done by hand and not computer. Do you want your lender computing values by hand?
Sebonic violated Real Estate Settlement Procedures Act of 1974 [12 U.S.C. 2601 et seq.] and the Truth in Lending Act [15 U.S.C. 1601 et seq.]. I asked for a compliance investigation. My ex-wife was furious with Sebonic, but fearful Sebonic would somehow retaliate and screw her even worse. In FEAR, she backed out of that investigation request.
Should not even matter. When a client alleges you have done something illegal in a regulated industry, you should launch a compliance investigation NO MATTER WHAT. These firms are audited and the penalty for non-compliance is worse than reversing the fees. Now I'll have to file a complaint with the CFPB. Just more time wasted!
Review by Mofen1 year ago
Went with Cardinal as they had the best rates. There were good reviews online so I was ok with taking a chance. I have previously done refinancing s with other online lenders and not had any issues. The closing timeline was tight, but since it was straightforward myself and the sales reps thought we should be fine.
We provided all financial information timely and everything was good to go awaiting the appraisal. Given the recent run up in housing prices over the past 12 months, i did not feel i would have any issues with the appraisal pricing. This is where everything went south.
Cardinal subcontracts the work to a third party company who then hires independent appraisers. The appraiser came out and did their work. I got the appraisal report and was beyond surprised with the outcome. The appraisal came in way lower than the value I believed the property was worth, based on my review of recent sales in my community with similar homes, size, appearance and property.
After review of the report I found numerous discrepancies...1) in comparable properties they lowered my value since they said other properties had attributes mine did not, 2) they made mathematical errors, and finally the biggest issue 3) they used comparable sales that were about 1 year old. Given that there were numerous sales within the last 3 months, I was flabbergasted that they wouldn't use the most recent sales.
I am living in a tract community that has many similar homes. all homes have been built within 10 years, so finding comparable sales is very easy. After mentioning this to the appraiser, he said he would be happy to redo it. but since he was subcontracted with a third party, (and paid by appraisal) he would have to get approval. After mentioning this to Cardinal they also agreed it looked incorrect.
The subcontractor reviewed what the appraisal gave and said that the homes they picked for the appraisal (with sales over a year old) were good comps. While they may have been there were better comps within the last 3 months. given normal appraisal guidelines/practices they should have used the most recent comps instead. They were not willing to do this change and after all of the issues we missed our lock date. since rates had gone up we missed our refinance and as a result had financial harm as we were not able to get the lower rates that were promised if the process followed agreed upon appraisal rules.
It appears the company/subcontractor only cares about rushing through things. Cardinal did not make any changes to account for the known discrepancies and therefore we were out the 500.00 appraisal fee. I would NEVER recommend this company to anyone else as they do not follow normal appraisal guidelines and do not adjust when issues with subcontractors are known/agreed to.
Review by Emmagarciaro Muscianisi1 year ago
I requested a quote online from sebonical website and an agent reached out to me on phone. In my request, I entered all the details correctly and pointed out that I'm buying a rental property. Agent, did no pay attention to the detail and promised me to match the online advertised rates and kept insisting to submit the application form.
I sent him the online rates and filled the forms as asked for the same day.
In the morning when I followed-up, same a agent called me back and he was very rude. He accused me of playing games and not being honest with him, which is incorrect, as I had entered all the details correctly in my request, but he did not pay attention to it. Further he said, I'm the one to blame because I did not bring this up during phone conversation. He kept saying I wasted his time.
While I understand the confusion, rudeness and unprofessional language was total uncalled for. Can not be trusted for that reason.
Review by Published1 year ago
I'm not the type to give anybody compliments, but I highly recommend Sebonic, especially my loan officer, Justin Fry. He was fantastic, unlike my previous loan officer at another bank. He was honest, up front, and handled everything with my best interest at hand. I highly recommend Justin. You can count on him! I will definitely contact him again in case I need to refi again.
Review by Deto1 year ago
This is the 4th time that I’ve been through a finance/refinance process and it was by FAR the worst. I’ve never had to gather so many documents, and do as much gathering as I did with Sebonic. After stating that email was the best form of communication for me, they continued to try and contact me elsewise. I very specifically told them to lock the rate in one day and they didn’t until the next after the rates went up more. It was a constant lack of communication and errors on the documents nonstop. The ONLY reason I stayed with them instead of switching was because of the time crunch of a divorce settlement. Which, by the way is difficult enough, but Sebonic magnified the horror of the divorce process multiple times over.
I was so glad to finally close the deal, so that I didn’t have to deal with them anymore, but sure enough, the closing has been a nightmare also. Scheduled and confirmed for 4 PM, but after rearranging our day, taking the day off last minute (because I wasn’t aware we were closing that day until the afternoon before) the notary didn’t show until 7, and the stack of papers was horrendously large - she didn’t leave until after 9. The worst part, Sebonic wasn’t even properly prepared for the closing...some of the docs hadn’t been prepared yet!!
I will NEVER do business with Sebonic/Cardinal Financial ever again, and I would urge you to STAY AWAY!!
Review by Mikedavison1 year ago
I do not recommend Sebonic. I had a loan officer named Mr. Burgija email me a 30 yr rate quote on July 20th , And emailed me the following day a list of there good reviews , so I completed there information we opened title and escrow and after 2+weeks , another loan officer calls to say she is taking over the file as the first loan officer was no longer with the co. & said sorry we’re not able to honor that rate , the first loan officer did not include cost of subordination request. I sent her the email from him showing it did , she apologized again said she would check with management and they still would not honor there quote. Very unprofessional I have excellent credit , income, home is free and clear should have been easy one to close in a month. If you get a quote from this co you should also ask there management team to approve it.
Review by Aydn Storbjörk1 year ago
I just wanted to let everyone know how amazing this team is. This experiance was delightful!!! John D’Amato was the main contact and George Williams have to say they were truly amazing!!! They were responsive, informative and professional... I read tons of reviews and my experiance was amazing plus they beat 3 other local lenders out with a better interest rate. Thank you guys.
Review by Praveshene1 year ago
Faith Milot I like to thank her to the moon and back she was so welcoming and professional and knowledgeable, on time following up she got the job done
Review by Samukka1 year ago
I talked to about 10 different lender agents; half through bankrate.com and half to local banking institutions. However, I quickly realized that the best rates will come through either credit union or bankrate.com. We couldn't qualify for credit union in our area. So, the only option was to go with bankrate.com. I contacted Faith regarding my situation and told I am not sure if I doing online mortgage will be a good idea and my real estate agent is not recommending it. She educated me in initial weeks to do self comparisons before making the decision. This is what I did and found her interest rates were always lower in the market. We made the decision and went with her. The whole process went very smoothly. I am so happy that we went with her not only in making the best deal but also for future easy communications through phone or email. If you can get a deal through credit union, I would highly recommend to call her and get the best deal. Good luck, Bhupinder
Review by Tikara1 year ago
They had the best rates and were able to close quickly. Good communication and fast close.
Review by Jstu1 year ago
I recently finished building a home at the beginning of the year and we had a higher rate with the builders lending company. We locked in right around the elections, so rates were a bit higher. Just a few weeks ago I came across Sebonic Financial on Google and looked into a refinance.
Working with Sebonic Financial was one of the easiest loan processes I have ever dealt with. If you are good with doing your due diligence on all your required documents, they are just as quick on getting your loan processed. We got it closed in 16 days! The loan officer I worked with was knowledgable and quick to respond to all communications. I highly recommend Sebonic!
Review by Chuchai1 year ago
Great experience, Fast process....
Review by RobWilton1 year ago
Sebonic/Cardinal and my loan representative Justin Fry did and excellent and timely job on our re-finance. Justin's follow-up and sense of urgency was excellent. In fact they were ready to close within 3 weeks of initial call.
Review by RobertLittle Magnavacca1 year ago
Fantastic experience overall. Super easy and efficieny. All electronic documents and signatures. Great online portal to track progress and to do lists. Could not be simpler. Rate was by far the best out there.
Review by Donad Keij1 year ago
Justin Fry was amazing - he was very patient and willing to explain all the things I didn't understand. My mortgage refinance was way above my expectations, and I am thrilled! I will recommend him to anyone who has financial needs, and I would use him again in a heartbeat.
Review by Chizuru2 years ago
Absolutely Great Experience, everything went smoothly with no problems. What was stated at the beginning was in the contract at closing. I couldn't find anyone that could beat the rate that I received. A special Thanks To Phil Smith and Hollyann Jones, absolute professionals, what more can I say other than THANK YOU.
Review by Sokhon2 years ago
Just closed on a 15 year, 2.875 refi with Sebonic. Best mortgage experience of my life! Thank you to Jason and Andrew Booth for the quick turnaround! Got it done in less than 3 weeks!
Review by Leanndrea2 years ago
My experience with Sebonic was excellent. The loan coordinator, as well as Don Sozio, the loan originator, were both prompt communicators, kept our timeline and had the lowest closing costs and rates out there. The online document upload portal was super easy to use and made the process close to seamless. Would recommend.
Review by Volcanica2 years ago
Sebonic was the best part of the home buying process. Our rate was by far lower than anything we could get locally. However, the best part was the communication and willingness to always explain things in detail. I never felt lost during the process. I would recommend Sebonic to anyone looking for a mortgage/refinance.
Review by Egide2 years ago
Review by Tonkin2 years ago
Closed a new Purchase Loan
Review by Paramanandam Dunhoff2 years ago
Brian B and Liz M were very helpful every step of the way. We are so thankful and have already recommended this company to friends.
Review by JosephBulford2 years ago
I was skeptical of Sebonic when I applied for a refinance via Bankrate. I hadn't heard of the company and went strictly off of the reviews. My peace of mind was put to rest by John Ruskin (Loan Originator) and Cy Lokuan(Loan Processor). Both individuals are highly responsive, diligent, and accurate in their work. In the end, Sebonic actually ended up having the cheapest rate, APR, and fees. This was compared to Guaranteed Rate and Chase. I would recommend Sebonic to any of my friends for a re-finance!
Review by Kakuska Fachin2 years ago
I am pleased to review Sebonic Financial for their assistance in our home refinance. The staff were professional, personal and courteous. The refinance was processed quickly and within this expected time frame. The rates and closing costs were both lower than expected. I would highly recommend their service.