Steps: 1) set your goal (rate, term, or cash); 2) application & docs; 3) appraisal; 4) underwriting; 5) closing (3-day right to cancel); 6) old loan paid off, new one begins.
Application to closing
We take your application, verify income and credit, order the appraisal, and underwrite to finalize your rate, term, and payment. On a primary residence you get a three-day right of rescission after signing.
Funding and payoff
At funding, the new loan pays off your existing mortgage. If there’s cash out, it’s disbursed a few days after closing. You then make a single payment on the new loan.
Frequently asked questions
Can I skip a payment when refinancing?
It can feel that way due to timing, but interest is still accounted for. We’ll explain your specific payoff and first-payment dates.
Will I need a new appraisal?
Usually, unless a streamline waives it. It confirms current value for the new loan.
Can I lock my rate?
Yes — we lock your rate for a set period to protect you during processing.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.