I see Sebonic Financial listed quite a bit in ad screens for various real estate listing sites (Zillow, Trulia, etc.) Has anyone had any experience with this company?
They are a solid low rates/low fees internet originating conventional loan provider. I know the owner personally and for their space, they are hard to beat. Their technology is good, their personnel are better than most. If you do your part and get them what they need and ask for, I think they will do well for you.
I recently tried a refi on my primary that includes rental property. Great initial customer service, friendly sales guy, hired local appraiser, then I didn't hear anything for 2 weeks. I followed up and found out that the underwriters said no because there is a commercial insurance policy on the rented detached house (AmFam agent said this is how it has to be).
So, good rates, good customer service, until you don't hear that the underwriters said no.
I refi'd with them about a year ago and had a great experience. Friendly salespeople and a good online document management system to get the paperwork filed. Everything seemed fairly organized. Would recommend.
Thanks everybody for the input. I'm going to contact them and see what they offer. Have a great day!
Finally a post that I can help in!
I had a VERY recent experience with them so I think I can give you some real world feedback.
For a Refi? I suspect they would do just fine. For a purchase? I would (and did) hesitate to use them
I recently purchased an SFR and only had ~22 days left to close. Sebonic offered a great rate, better than anywhere else thats for dang sure. However, I needed an ASSURANCE that we would close within the 22 day deadline. The way the company works is that they have you make initial contact with basically a salesman, and he promises you the moon, but then you get handed off to other departments that drop the ball left and right. Anyway, back to my story, I emailed the salesman a set of 3 simple questions which he did initially reply to right away. Then my follow up questions were ignored for days. I got some questions from their processing team 4 days later, now having only 18 days left to close. With this kind of delay at the onset of our relationship, I decided against Sebonic and went with the more expensive but proven route (my usual loan broker).
My friend stuck with them and closed in ~50 days when he only had 30, and I could not afford those kind of delays.
Hope this helps someone!
Thanks for sharing your personal experience!
Do you mind if I ask who you ended up using?
I called them today. The gentleman I spoke to stated they have no lender's fees or points. Their income is made when they sell the loan to Fannie Mae. I was quoted $2,400 for appraisal and title work. Sounds fantastic if you ask me.
I have not used Sebonic myself. And I have no reason to doubt that their service is as good as their rates. As a lender/broker since 1997, I can share that I used a lender like them from the Zillow Mortgage Marketplace when I bought my current home in FL. I wasn't licensed here until after the purchase or I would have done my own loan.
If you're in a hurry I don't suggest it.
If you have anything outside of an ordinary vanilla loan, I don't recommend it. You'll need more TLC.
Their wheelhouse is well defined and it doesn't tolerate much out of the ordinary.
Almost by definition, everyone on BP is probably out of the ordinary w/r/t their financial qualifying situation.
Those companies are ideal for a refi. Like Abe, I had to push pull and drag the loan to closing AND I know what I'm doing. Turns out the Loan Officer (salesman) had been fired. But once I got a hold of the manager it worked out.
Like anything Michael "caveat emptor".
Good Luck, Dave
Interesting thread, though dated. Has anyone had more recent experience with Sebonic Financial? I am looking to refinance a basic SFR rental property — nothing fancy — and their quoted rate seems better than most for investment properties. Curious if anyone has reason to recommend for/against.