Refinance — Opus Dei Mortgage
Refinance

Lower Your Rate.
Unlock Your
Equity.

Rate & term refinances, cash-out loans, and HELOCs — we'll help you determine if a refinance makes financial sense.

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The Key Question

Is a Refinance
Right for You?

A refinance replaces your existing mortgage with a new one — ideally with better terms. The right refinance can save you hundreds per month, help you pay off your home faster, or give you access to cash you've built up in equity. The key question is simple: does the benefit outweigh the cost?

Refinance Options

Three Paths.
One Right Fit.

Rate & Term

Rate & Term Refinance

Reduce your monthly payment, shorten your loan term, or both. No cash is taken out — you're simply restructuring your existing mortgage to work better for you.

When it makes sense: Your current rate is significantly higher than today's rates, you want to switch from a 30-year to a 15-year to build equity faster, or you want to eliminate PMI after reaching 20% equity.
Cash-Out

Cash-Out Refinance

Replace your current mortgage with a larger one and receive the difference in cash. This is a first-lien position loan — it replaces your existing mortgage entirely.

Key detail: Because this replaces your primary mortgage, you'll have one single payment. Ideal for larger lump-sum needs when you have significant equity built up.
Equity Line

HELOC (Home Equity Line of Credit)

A revolving credit line secured by your home equity. Unlike a cash-out refi, a HELOC sits in second-lien position — it subordinates behind your primary mortgage.

Key detail: Draw funds as needed during the draw period, only pay interest on what you use. Best for ongoing access to cash without disturbing a low first-mortgage rate.
The Math

The Metrics That
Actually Matter

A rate & term refinance swaps your current mortgage for a new one at better terms — no cash out. Here's how to evaluate it in under 60 seconds.

The Two Formulas

Break-Even Point

True Closing Costs ÷ Monthly Savings = Months to recoup

Stay past that month? Every payment after is pure savings.

Monthly ROI

Monthly Savings ÷ True Costs × 100 = % return per month

Think of it like a CD — but it compounds indefinitely, month over month.

⚠ What NOT to include in closing costs: Prepaid interest, property tax escrow, and homeowner's insurance escrow are not true out-of-pocket costs — they're either refunded or recurring expenses you'd pay regardless. Only count lender fees, title/settlement, and recording fees.

📊 Example — $500K Loan | 7.25% → 6.50%

Current P&I Payment$3,413 / mo
New P&I Payment$3,160 / mo
Monthly Savings$253 / mo
True Closing Costs$5,500
Break-Even Point~22 months
Monthly ROI4.6% / month
Stay past month 22 and you're earning $253/mo on a $5,500 investment — 4.6% monthly, zero market risk.
Closing Costs Explained

The Impound Account —
What Looks Scary But Isn't

When closing on a refinance with an impound account, you'll see a charge to fund the new escrow — but your old escrow balance comes back to you within ~30 days.

💸 What You Pay at Closing

New impound account funded at closing
e.g. ~$6,000 charged

This appears on your closing disclosure and feels like a big out-of-pocket hit.

📬 What Arrives in Your Mailbox (~30 days later)

Refund check from your old lender's escrow balance
e.g. ~$6,000 refunded

Your prior servicer mails this back. The two amounts effectively cancel out.

Charge at Closing

$6,000 funded into new escrow account

→

Refund from Old Lender

$6,000 refund mailed within 30 days; net cost $0

The new escrow charge and the old escrow refund are two sides of the same coin — they offset each other. Your true out-of-pocket cost is essentially $0 on this line item.
Ready to Find Out?

Let's Run
Your Numbers.

A quick conversation is all it takes to find out if a refinance makes sense for you. No pressure, no obligation.

The right loan, the right guidance, everytime.

10850 Hartley Road,
Santee, CA 92071
(786)785-6409
[email protected]
OpusDeiMortgage.com
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