I have not heard anything back from Kim ** so I sent her an email this morning on the 28th and she stated my credit was a very excellent score for a mortgage, however my income itself does not qualify and that I needed a co-borrower. I received a response in the email from Kim ** on the 21st related to the TransUnion issue and I had to get this solved. My gut kept telling me that something was not right and my friend alerted me it would not gonna work out but it did not hurt to try and see what happened so I went ahead and applied on the 18th. … Cardinal Financial has a very efficient web portal to submit documentation, receive copies of reports and appraisals and obtain real-time updates on the mortgage application process.” Cardinal Financial application features from the preliminary application to underwriting. Once your application is complete, you can expect an approval decision within 24 hours.Ĭurtis, a ConsumerAffairs reviewer from Detroit, said of applying at Cardinal Financial: “Ben walked me through my first real estate investment. This is where you upload supporting documentation and track your loan progress. After this initial call, you should receive a link to Octane, Cardinal Financial’s origination platform. If you’re refinancing, Cardinal Financial asks about your objective (e.g., lowering your payment, getting cash out), the value of the property and your remaining mortgage balance.Ī loan originator then contacts you to provide loan recommendations, answer questions and guide you through the process, beginning with getting a certified preapproval letter. If you’re purchasing, you then answer questions about the type of property, how you plan to use the property, where you are in the homebuying process, the location where you’re buying, the estimated purchase cost, your down payment amount and your credit history. The online form starts by asking you if you’re purchasing or refinancing. You start the application process by requesting a free rate quote on the company’s website. Cardinal Financial average home purchase rate vs. But with interest rates rising lately, it's important to carefully think about all possible future scenarios.Ĭompared with other lender rates, Cardinal Financial’s rates on home purchase loans were right around the national average from 2019 to 2021. The low introductory rates are attractive to borrowers, but it can be a shock when the rate reset comes if monthly payments increase.Īn ARM could be a good choice if you plan to own your home for a few years and then sell it before the introductory rate resets. Then the rate adjusts based on a benchmark index and margin used by the lender. ARMs have a relatively low introductory rate for a set length of time (generally three to seven years). However, you can get a free rate quote start the process by answering a few brief questions on the website, and a representative will contact you shortly after.Ĭardinal Financial offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). Cardinal Financial doesn’t post its starting mortgage rates online.
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