We bought our home in SF a year and a half ago with a 30 yr fixed at 4.5%. Is it worth trying to refinance now given the recent interest rates?

Asked by Angela, 94110 Thu May 24, 2012

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Steve Quintana’s answer
Steve Quinta…, Agent, Albuquerque, NM
Fri May 25, 2012
Consider an ARM, 15 year, 20 year and other types of mortgages that might give you a big edge on your interest rate and monthly payment.

If you like this answer, please recommend me on my profile page.
0 votes
Lance King, Agent, San Francisco, CA
Fri May 25, 2012
All comes down to numbers:

What is your current loan balance?
What is your potential new rate?
Are there any prepayment fees?
How long do you plan to stay at the property?

We have three lenders we work with who are all awesome and will give you the VIP treatment if you use my name. Drop me a line if you would like them.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
1 vote
James Romeo…, Agent, San Francisco, CA
Mon May 28, 2012
Contact Cecelia Tyeskey at Guarantee Mortgage (415) 345-4362 Cecelia@Tyeskey.com

She likes to take time to discuss your future plans before a decision is made as to the loan you choose. This could not only save you money, but will help you make plans that will cover the long term instead of the short term.
0 votes
Michael Smith…, , Roseville, CA
Sat May 26, 2012
Heck yes it's worth looking at. Message me. We have the best rates and costs and we fund in less than 21 days
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri May 25, 2012
I agree with Lance King.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes
gabrielle b…, Agent, San Francisco, CA
Fri May 25, 2012
Speak to a competent mortgage professional and let him or her guide you. Your loan balance is a main factor in figuring out whether it's worth it to re-finance. Feel free to call me for referrals to several excellent mortgage professionals.

0 votes
Gregory Karr, , San Francisco, CA
Fri May 25, 2012
Paste this into your browser. It will do a calculation for you. http://zwicke.nber.orgrefinance/index.py
0 votes
Oggi Kashi, Agent, San Francisco, CA
Thu May 24, 2012
That will depend on the actual cost for the refi. If you can do a no-cost refi, you would be saving at least 0.5 % annually based on the current rates. That's initial savings of at least $500 annually for every $100K borrowed.

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference:  http://www.oggikashi.com
0 votes
Kevin Ho, Agent, San Francisco, CA
Thu May 24, 2012
On refinancing your home. If you end up saving more than a quarter point on your mortgage rate AND if you can pay out your current mortgage without prepayment penalty then it is really worth considering. You can gain better equity and end up with more money in your pocket every month. Of course, this also depends on an appraisal of your property and whether it's a single-family home or condominium.

If you need help, contact me and I will refer you a few of my varied contacts whose job it is to get you better rates or else they don't get paid!
0 votes
Ivan Diaz, Mortgage Broker Or Lender, 79936
Thu May 24, 2012
Hello Angela,

Depends on your current mortgage balance. Conforming rates start at 3.625% with no origination fee. At a $417,000 balance...the average monthly savings is about $200. Looks like you should!

Warm Regards,

Ivan Diaz
Home Mortgage Consultant
415-271-7740 direct
0 votes
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