we were extremely well qualified buyers with 25% down payment (and several times the mortgage amount, liquid), full docs, 30+ year stable history, passive income, tremendous equity in other real estate, etc. we've both had countless mortgages over the years, fico in the 800s and extremely low dti.
essentially this should have been a slam dunk deal. we complied with 100% of sebonic/cardinal's requests for documents within 24 hours (most of them were turned around the same day).
for nearly TWO MONTHS they caused unexplained delays, could not provide updates, constantly strung us along, made up one excuse after another why things weren't progressing, etc.
all the while, they keep hitting us with rate lock fees every two weeks.
these people are definitely scam artists, fleecing customers for thousands in extra "rate lock fees" for absolutely no reason.
yes, the deal was ultimately funded, however it was a nightmare and a half. i'm not kidding when i say it was more difficult than any commercial mortgage (and this was a dinky little $385k house!)-
look up the company's founder and you'll see he's a convicted criminal. there's no doubt in my mind this is going to end in a class action suit, with possible jail time for a lot of these scumbags.
AVOID! AVOID! AVOID!
Product or Service Mentioned: Sebonic Financial Mortgage.
Reason of review: Problems with payment.