Steps: 1) application & goal review; 2) income/credit; 3) appraisal; 4) underwriting; 5) closing (3-day right to cancel); 6) old loan paid off, you receive the cash.
Application to closing
We take your application, verify income and credit, order the appraisal, and underwrite to set your new loan amount, rate, and cash-out. On a primary residence you get a three-day right to cancel after signing.
Payoff and disbursement
At funding, the new loan pays off your existing mortgage, and the remaining proceeds are disbursed to you — typically a few days after closing on a primary residence. One new payment replaces the old one.
Frequently asked questions
When do I get the cash?
A few days after closing on a primary residence, once the rescission period passes.
How long does it take?
Commonly 30–45 days from application to funding, depending on the appraisal.
Does my old mortgage disappear?
Yes — the new loan pays it off and replaces it with a single new first mortgage.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.