Cardinal Financial, headquartered in Charlotte, North Carolina, operates as a national mortgage lender providing services in all 50 states. The company offers a wide range of loan products including government-backed loans, conventional loans, construction loans, and renovation loans. It also provides down payment and closing cost assistance for eligible borrowers.
Key benefits of the lender include numerous home loan programs, down payment assistance, and online tools for borrowers. The company is licensed in all states but does not offer home equity loans or HELOCs. Mortgage rates are not available online; borrowers must contact a loan specialist for a personalized quote.
According to 2024 Home Mortgage Disclosure Act data, Cardinal Financial's mortgage rates scored 2 out of 5 stars, indicating higher-than-median rates. The total loan costs scored 1 out of 5 stars, with an average cost of $10,294. The lender charged a mortgage rate of 6.75% in 2024.
Cardinal Financial offers FHA loans, which accounted for over 44% of its origination volume last year. The FHA Rate Protect program allows rate locks for up to 90 days, requiring a minimum credit score of 580. The lender does not provide home equity loans but offers cash-out refinancing as an alternative.
The application process involves selecting a loan specialist online and using the Octane portal. Preapproval details are unclear; borrowers are directed to fill out a rate quote form. Online resources include seven calculators, blog posts, guides, and a first-time homebuyer guide.
Pros include strong affordability options with government loans and down payment assistance, plus robust online features. Cons are slightly higher interest rates, lack of rate transparency, and high loan costs compared to competitors.
Compared to Better Mortgage, Cardinal offers more loan types like USDA and construction loans but lacks a fully online process. Compared to Pennymac, it provides more options including renovation loans but no home equity loans. Cardinal has a "great" Trustpilot rating based on about 600 reviews.
In 2023, Cardinal Financial settled a telemarketing lawsuit for $7.2 million. A separate class action suit in Dallas is ongoing. The company has no mobile app but allows online payments and application tracking. Contact methods include phone, email, and an online form.