Review
Updated
Fact Checked
Ashley Maready
Bottom line: An excellent option for buyers who want to finance a unique home.
Although it's quickly becoming one of the top-rated mortgage lenders in the U.S., you may not have heard of Cardinal Financial Company Mortgage. With forgiving minimum credit score requirements and low down payment options, Cardinal is perfect for first-time home buyers and folks who want to finance a unique home.
Best for: Unique homes
Cardinal Financial Company Mortgage
Rating image, 3.5 out of 5 stars.
3.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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An excellent option for buyers who want to finance a unique home.
Min. Credit Score 580 - Conventional or USDA; 550 - FHA or VA; 620 - Unique; 660 - Jumbo
580-660
Min. Down Payment 0% - VA; 3% - Conventional; 3.5% - FHA; 10%-Jumbo
0%-10%
Key Features
- Down payment assistance
- Available in 49 states and the District of Columbia
- Proprietary loan origination system
- Multiple FHA loan options
- Unique home funding
Loan Types
- Conventional
- FHA
- VA
- USDA
- Jumbo
Fixed Rate Terms
10- to 30-year terms
Adjustable Rate Terms
N/A
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
|
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Full Cardinal Financial Company Mortgage review
This mortgage lender is a good fit for: Buyers who want to finance a unique property or require an FHA rehab or disaster relief loan.
Pros
- Participates in first-time home buyer programs like down payment assistance
- Available in 49 states and the District of Columbia
- Uses a loan origination system called Octane
- Provides several types of FHA loans
- Funds the purchase of unique homes
Cons
- Slow to reveal rates
- Home equity loans and home equity lines of credit (HELOC) are not available
- For some borrowers, the loan process dragged
Top perks
Down payment assistance
Cardinal supports affordable housing initiatives by administering down payment assistance to help low- and moderate-income families cover down payment and closing costs.
Available in 49 states and D.C.
Cardinal Financial Company Mortgage may not be a household name just yet, but mortgage loans are available in 49 states and the District of Columbia.
Octane loan origination system
Cardinal's loan origination system is called Octane. Once borrowers provide Cardinal with the information request, it is through Octane that a potential borrower learns more about their loan options, including closing costs. Once a home buyer determines if Cardinal is the right mortgage lender, they can do everything, from getting pre-approved to electronically signing loan documents.
Several FHA loan options
Some lenders offer a single FHA loan product, but Cardinal is different. In addition to a traditional FHA loan, borrowers can apply for a 203(k) rehabilitation loan or an FHA disaster relief loan.
Unique home funding
If you've ever considered buying a multi-width manufactured home, a tiny home, or even a container home, you may recognize how difficult it can be to secure finances for these unique, non-traditional structures. Cardinal routinely works with home buyers looking to finance manufactured homes.
What could be improved
Lack of transparency
There's no website to visit and instantly find Cardinal's current mortgage rates. To learn how much you'll pay for a loan, you must fill out a short form and wait for someone from the company to call. Another option is to call the company directly. Either way, contact must be made. This feels like a frustrating way to do business for a busy home buyer who wants to quickly compare Cardinal's rates to other mortgage lenders.
Lack of home equity options
Once a homeowner has established a relationship with Cardinal, it would be nice to return to the same lender when it's time to use the equity in their home.
Sometimes slow loan process
Better Business Bureau (BBB) gives Cardinal Financial Company Mortgage an A+ rating, which is excellent. And customer reviews on the BBB site give the company 4.46 stars out of 5, which is pretty good too. However, unhappy customers frequently mention the loan process being slow enough to impact their purchase. While it's not true for every borrower, it is worth keeping in mind.
How to qualify
To qualify for a mortgage with Cardinal Financial Company Mortgage, you must meet the qualification standards of the loan program you're applying for. For example:
- A 580 credit score is required to qualify for a conventional or USDA loan
- A minimum credit score of 580 to qualify for an FHA or VA loan
- A minimum credit score of 620 to qualify for a unique loan
Beyond your credit score, you'll need to meet the lender's other criteria. You'll only know where you stand after filling out an information request form on the Cardinal Financial website or calling the company directly and allowing a loan officer to complete the application on your behalf.
How are 's refinance rates?
Because Cardinal does not reveal its rates to the general public, it isn't easy to ascertain how fair those rates are in today's market. Typically, lenders use a soft credit pull when a potential borrower wants to prequalify for a mortgage. It's when they need pre-approval that a hard pull is conducted. That said, it can vary by lender, so it doesn't hurt to ask before providing a lender with any personal information.
Check out our current refinance rates from other lenders to get an idea of what average rates look like today.
How are 's rates compared to the national average?
Again, due to the relatively opaque nature of locking down an interest rate without providing the company with personal information, we cannot compare specific rates to the national average. For context, here are current mortgage rates from similar lenders.
Cardinal Financial Company Mortgage is right for you if:
You're interested in financing a unique home or need an FHA rehab or disaster relief loan.
FAQs
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Because Cardinal does not make its mortgage rates public, we cannot reasonably compare them to the national average.
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Yes, if both the rate and fees can beat the competition, Cardinal is an excellent choice for anyone financing a unique property or needing an FHA 203(k) or disaster relief loan.
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It depends on the interest rate and fees a specific borrower is quoted.
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Qualification depends on your credit and work history. Each loan type has its own minimum credit score requirement, but it's important to remember that the lower a credit score, the higher the interest rate. If you're looking to snag a low rate, check your credit report, and if necessary, take steps to boost your score before applying.
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The number of loan types Cardinal offers is where the lender shines. It offers:
- Conventional
- FHA
- VA
- USDA
- Jumbo
- Renovation
- Disaster relief
- Condo
- Unique home
Our Mortgages Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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Dana George has positions in Target. Robin Hartill, CFP® has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial and Target. The Motley Fool has a disclosure policy.