Crucial San Francisco Refinance Education

San Francisco Real Estate Market Overview

Before we have look at your San Francisco refinance lets take a look at the market conditions. As I do quite often I Ran some of the latest San Francisco refinance and real estate figures and I was pleasantly surprised. It seems to be that the real estate market is holding steady at the moment. This is some great news! Sales figures were up as of last month and in actual fact the San Francisco home sales volume has been on a steady increase for every month since the start of the year. I am not going to make the claim that we have seen the bottom of the market yet, but I feel we are very close. Although it is not conclusive there are some other figures besides the increase in sales volume that does support my claim, even the median prices for general housing has started to increase.

This is great news for home owners in San Francisco as hopefully they will start to see the value of their house increase once again. Because of this now is a more important time to hold onto your house than ever before. If you’ve made it through the recent economic storm you may profit once you get through to the other side. One way of doing this is to take advantage of the current situation and get a refinance on your loan. There are some great refinance rates around at the moment thanks to the current economic climate. If you live in San Francisco then getting a refinance can save you just enough money to make it through these times and hold onto your home. If you get a refinance you can reduce your monthly repayments, shorten the length of your loan and maybe even have some spare cash for yourself!

San Francisco Refinance Example

Here is an example of how getting a San Francisco refinance could help. These figures are all local and taken from the San Francisco area.

The average price of a Single Family home in San Francisco stands at $695,000. If this was bought in 2005, you would have probably got an interest rate of about 6.5%. On your standard fixed rate mortgage this means you will have monthly payments of $4,392. Sounds familiar? Well if you take this exact same loan and get a refinance on it you could save a bundle of cash. The current rate of a refinance in San Francisco is 4.625%. That’s a whole 1.875% less, and using our current example your new repayments would come to $3,573. What this boils down to is a saving of $819 a month! Surely a sizable saving for everyone and something that shouldn’t quickly be dismissed.

San Francisco Refinance Resources

Here are some local lenders in the San Francisco area. We have no affiliation or connection with any of these institutions; we just thought some general suggestions could be helpful to kick start you search for a refinance.

• California Federal Bank – Many local branches around California. A well established and reputable bank.
• San Francisco Federal Credit Union – Established since 1954. Credit unions are a great start as they offer competitive rates because the organisation is run to benefit their member which means you get a better deal. Phone: (415) 775-5377

Also if you need any advise at all about your refinance then here are some great free advice and counseling services you can use:

• CCCS OF SAN FRANCISCO – Phone: 800-777-7526-109
• MISSION ECONOMIC DEVELOPMENT ASSOCIATION – Phone: 415-282-3334-11
• SAN FRANCISCO HOUSING DEVELOPMENT CORPORATION – Phone: 415-822-1022

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