I was so impressed with Sebonic Financial when I first talked to a loan officer on the phone. They answered all of my questions, gave me straight facts without being pushy or aggressive, and they quoted an awesome rate and very low origination fees. It was one of the best deal I could find anywhere. I applied for the loan and started the process.
Then I didn't hear very much from anyone. I recieved e-mails stating a client care associate would call me but that never happened. I was told I had a cookie cutter loan. I provided every document I was asked for. I was reassured multiple times we were all set to close on time. Even though they had forgotten to ask me for a document, I provided it promptly and trusted them when they told me we were still on track. Then I found out from my realtor, 1 business day before closing, the loan wasn't ready. I didn’t even receive a call from the lender. I had to spend hours calling people and getting transferred to different lines to find out what was going on. Then on our closing day I find out that there is this long list of repairs that needs to be done to the property before they will approve the loan. From that point forward, this has been the worst experience I have had with any company. Weeks after our closing date, they are still asking me for documents and verifying things that should have been done a month ago. We have had to move our closing date 3 times and ask for an extension on our purchase contract. I found out after our original closing date that our loan officer no longer worked for the company and no one had bothered to tell me that we didn't have a loan officer. I had to spend an entire day chasing associates down on the phone to get them to assign me a new loan officer. Then, the lender tacked on a $143 fee because they could not close by the date when my rate lock ended and I have to acquire the financial burden of extending the rate lock an extra 7 days so that they can get all of the paper work in order. I’m amazed the seller is still willing to move forward with this deal after the hassle the lender has put both of us through.
If I had to go through this process with Sebonic (Cardinal) financial I would call them daily from the moment we started the process to make sure they are on the ball. As it is, I have spent 2-5 hours on the phone every day for the past two weeks speaking with final processors, loan originators, customer care associates, appraisers, insurance agents, escrow officers, and the title company. This lender never follows through on anything or checks back to make sure they have necessary documents. Because of their failure to do so, I have had to take things into my own hands to make sure they have acquired all of the necessary documentation from all of the companies they are supposed to be working directly with. If you have to work with Sebonic, I would advise that you carve out a significant chunk of time to advocate for yourself on all fronts. This company is great at gaining clients but provides horrible if any service once you are locked in.
Product or Service Mentioned: Sebonic Financial Customer Care.
Monetary Loss: $143.