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Business Insider's personal finance team compared Cardinal Financial to the best mortgage lenders and found it to be a fairly standard lender that might be a good option if you're looking for a government-backed mortgage or are considering a unique type of home, such as a tiny home or a shipping container home.
Cardinal Financial also has a special purpose credit program that comes with up to $6,500 in assistance. But the lender's average fees are on the high end, according to Home Mortgage Disclosure Act data.
620
3%
Conforming, FHA, VA, USDA, jumbo, manufactured home, unique homes
- FHA, VA, and USDA loans allow scores as low as 580
- Offers financing for manufactured homes and unique housing types
- Get a grant up to $6,500 with Cardinal’s special purpose credit program
- You’ll need to talk to a loan officer to get started
- Can’t see rates or fees online
- No home equity options
- Average fees are on the high end
- Available in all 50 states and Washington, DC
- Minimum credit score and down payment displayed are for conforming mortgages
Cardinal Financial Basics
Is Cardinal Available Nationwide?
Cardinal Financial originates mortgages in all 50 U.S. states and Washington, DC.
Cardinal Financial Application Process
You can get started with Cardinal Financial over the phone or by providing contact information to have a loan officer get in touch with you. You can also search on the lender's website to find a loan officer near you.
Once you've started your application, you'll be able to use Cardinal Financial's platform Octane, which allows you to easily access details about your loan or upload documents for underwriting.
Cardinal Financial Loan Options
Cardinal Financial offers the following types of mortgages:
- Conforming loans
- FHA loans, including renovation and disaster relief loans
- VA loans
- USDA loans
- Jumbo loans
- Renovation loans
- Financing for manufactured homes and unique types of homes, including tiny homes and shipping container homes.
- Construction loans
- Condo loans
Cardinal Special Purpose Credit Program
Cardinal Financial has a special purpose credit program that comes with a grant of up to $6,500 plus additional lender credits.
SPCPs are aimed at helping traditionally underserved populations access credit, so they're typically only available in certain areas. For example, some of these types of programs are only available in majority-Black census tracts.
Cardinal doesn't specify eligibility requirements for its SPCP, other than that at least one borrower must be a first-time homebuyer.
Cardinal Financial Mortgage Interest Rates and Fees
Average fees, high rates
According to our review of Home Mortgage Disclosure Act data, Cardinal Financial's mortgage rates are right around average.
Cardinal Financial doesn't show any current sample rates on its website. To get a rate quote, you'll need to call or fill out an online form to request that a loan officer contact you.
In 2023, the average borrower getting a conventional loan from this lender paid $6,101 in origination charges, according to HMDA data. This is on the high end compared to other lenders.
Cardinal Financial Overall Lender Rating
Loan Types: 4 out of 5
Cardinal Financial offers a strong range of loan types that should meet a wide variety of borrowers' needs. We especially like that it offers mortgages for unique types of homes, which can be hard to find. But it doesn't have any home equity options.
Affordability: 4 out of 5
This lender has many affordable features, including allowing credit scores down to 580 on all of its government-backed mortgage options and offering grants through its SPCP. But its average rates are just OK, and its fees are on the high end, according to our review of publicly available data.
Customer Satisfaction: 4.92 out of 5
On its Zillow lender profile, Cardinal Financial has a 4.92 out of 5 star rating, based on over 4,000 customer reviews.
Trustworthiness: 4.5 out of 5
Cardinal Financial currently has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company is honest in its advertising, transparent about business practices, and effective in responding to customer complaints.
In 2023, Cardinal Financial paid $7.2 million to settle a class action lawsuit alleging that the lender violated the Telephone Consumer Protection Act by contacting consumers whose phone numbers were listed on the National Do Not Call Registry.
Cardinal Financial Pros and Cons
Pros
- Get a government-backed mortgage with a score down to 580
- Allows financing of less common types of housing, including manufactured, tiny, and shipping container homes
- Grants up to $6,500 for eligible borrowers
Cardinal Allows Lower Scores on Its Government-Backed Loans
You may be able to qualify for any of Cardinal's government-backed mortgages with a credit score of just 580. While this is a common minimum required score for FHA loans, many lenders require higher scores for their VA and USDA loans.
Get Up to $6,500 in Assistance With Cardinal's SPCP
If you're eligible, you could get up to $6,500 from this lender to help with your down payment or closing costs. The lender also offers assistance in the form of lender credits with its SPCP, including a home warranty credit.
You'll need to talk to a Cardinal Financial loan officer to see if you might qualify for this program.
Cons
- No home equity loans or HELOCs
- You'll need to get a rate quote from a loan officer before you can start your application
- Lacks rate transparency
- Average fees are slightly high
Cardinal Doesn't Offer Home Equity Loans or HELOCs
Cardinal offers many different types of mortgages. But if you're looking to tap into your home's equity with a second mortgage loan, you'll need to look elsewhere, since Cardinal Financial isn't a home equity loan or HELOC lender.
No Rates on Cardinal's Website
Many lenders display sample rates on their websites or even let borrowers see customized mortgage rates based on their financial situations without having to provide contact information. While these rates might not be 100% accurate, they can help you get an idea of the range of rates that lender offers.
Cardinal Financial doesn't have any current rates on its website. To get an idea of what rate you might get with this lender, you'll need to talk to a loan officer.
What Borrowers Are Saying About Cardinal Financial
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Cardinal Financial's mortgage process.
Previous Borrowers Seem Pleased With Cardinal Financial's Customer Service
Online customer reviews for Cardinal Financial are overall very positive, with previous borrowers saying that the process was smooth and the loan officers they worked with were friendly and helpful.
How Cardinal Financial Compares
Cardinal Financial vs. LoanDepot Mortgages
LoanDepot offers a smaller range of mortgages compared to Cardinal Financial, but it does have HELOCs. LoanDepot's average rates are also slightly low compared to other lenders.
However, you'll need a minimum down payment of 5% if you go with LoanDepot, which is higher than Cardinal's minimum of 3%
Cardinal Financial vs. Better Mortgages
Better Mortgage is a great option for borrowers who value digital convenience from application to closing. It also offers fast preapproval and makes it easy to see customized rates on its website.
But if you're looking for a wider range of mortgage options, you'd probably prefer Cardinal Financial, since Better's offerings are relatively limited.
Cardinal Financial FAQs
Yes, Cardinal Financial is a real mortgage company. In fact, it was the 24th largest mortgage lender in the country in 2023, according to the Consumer Financial Protection Bureau.
Yes, Cardinal Financial is a direct lender. This means you'll work directly with this lender to get a mortgage, rather than going through a mortgage broker.
Cardinal Financial's mortgage rates are right around average, according to our review of HMDA data.
We think Cardinal Financial offers good customer service, based on the online customer reviews we looked at. Previous borrowers said their Cardinal loan officers were helpful and easy to work with.
To start the approval process with Cardinal Financial, you'll need to talk to a representative over the phone or request a rate quote online. Once you've done this, you can start an application to get preapproved.
Why You Should Trust Us: How We Reviewed Cardinal Financial
For our review of Cardinal Financial, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
