Steps: 1) pick your goal (rate, term, PMI, ARM→fixed); 2) application; 3) appraisal (or waiver); 4) underwriting; 5) closing (3-day cancel); 6) old loan paid off, new terms begin.
Application to closing
We confirm your goal, take the application, order the appraisal (or use a streamline waiver), and underwrite to lock your new rate and term. Primary residences include a three-day right to cancel.
After funding
The new loan pays off your existing mortgage. There’s no cash disbursement — you simply start making the new, lower payment (or the same payment on a shorter term).
Frequently asked questions
Will my payment definitely drop?
If your goal is a lower rate, yes — unless you shortened the term, which raises the payment but saves interest.
Can I lock my rate?
Yes — we lock to protect you during processing.
Is a streamline really faster?
Often, since it reduces documentation and may waive the appraisal for eligible FHA/VA borrowers.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.