San Francisco, California
Not resolved

I went to this company because of a online advertised rate. I have 800+ credit scores across all bureaus and currently earn $110-$125,000 now and annually for the past 10 years.

I applied for a conventional loan 30 year fixed and was issued a valid pre-approval letter after all my documents were reviewed. 4 days prior to closing escrow the loan processor was switched to another processor which stated they would be packaging my loan to be sold to fannie mae or freddie mac. WTH?? I applied for a conventional loan not FHA this changed everything rates,fee's and not to mention the lost of 30 days down the drain!!!

They're not honest people and will bait and switch and try to use the desperation they created to get you to sign and close on a loan that will net them the most money from doing a home loan for you. Avoid Tamara Eastridge loan officer-Heather Wagner loan processor-Olga Purser loan processor.

Sebonic Financial and Cardinal Financial. You have been warned!!!

Frank S.-California

Product or Service Mentioned: Sebonic Financial Mortgage.

Reason of review: Bait and Switched.

Sebonic Financial Cons: Incompetency.

  • sebonic scam
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Sebonic financial bank sucks!!! Worst bank to try to refinance.


What was the change in rates and fees after they switched processor?


I can clearly see all the positive reviews are coming from their own employees or paid *** currently I am approved for 198K at 3.25% interest rate with 780+ credit score across all bureaus, this is refinancing with 80K cash out at 50% with local bank, however decide to look for better options if there are any, here comes these guys the only company offering 2.80%, I didn't fail for it...rather I decide to do research on them, the research that brought me here 98 negative reviews? not just bad but really bad!

No thanks...gladly I gave them a joke e-mail address and phone number so nothing I will receive from them :) Thanks all for sharing your experience and saving me both time and money.


Wow how retarded Frank! I have used these people multiple times and obviously, you have no idea how the packaging of loans actually works and before writing a review you should do a little research.

Every and I mean every bank, finance company, mortgage lender etc etc etc will package your loans to be sold to the financier of the loan that is willing to pay the rates based on the income that you provide. Conventional are backed by Fannie or Freddie and have nothing to do with FHA. You think these people are dishonest but you don't seem to have a real clue what you are talking about. As for baiting and switching to get more money, dude they don't charge your fees for anything, they are no fee lender so the only out of pocket is anything third party such as appriasal and title.

They aren't getting anything out of changing you at the last minute as you stated so there is no incentive for a bait and switch, as any changes are free to you. Bone up on who is financing your loans before you make claims such as these.


Actually, your loan is a Conventional, not FHA. And the reason you did not qualify is due to the income status being listed as commission by your HR and since you had not received commission income for the last 2yrs, your debt ratio was too high and therefore did not qualify you. You really should not be disrespectful to folks, listing their names, when they have nothing to do with your income.


You are all losers and thieves! He not truthful and u guys are thieves.

That's what happened with sub prime and predator lending. You made the faulty loans to dumb *** people that don't care.