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Mortgage Refinance

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Refinance to swap your old mortgage for a new and better one. 

Interest rates change, so do our needs and finances. What worked for you when you first got your mortgage might not be working now. Refinancing your mortgage allows you to change your interest rate, monthly payment and loan terms to better meet your needs.

Benefits of Refinancing Your Mortgage with San Francisco Federal Credit Union

Whether you have an existing San Francisco Federal Credit Union mortgage loan or one with another lender, we have options that can save you money.

Some benefits of mortgage refinancing include:

  • Decrease your monthly payment: Refinancing can help you lower your monthly payment by increasing your term and/or lowering your interest rate. This can be a great option if your income situation changes and you need to lower your mortgage payment.
  • Decrease the total interest paid on the loan: By shortening your term or decreasing your interest rate, you can decrease the total interest you pay over the life of the loan. This is especially true if you switch from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage when rates are low.
  • Consolidate other debt: Refinancing can be an option if you have a Home Equity Loan or Home Equity Line of Credit and can save money by consolidating it into your mortgage.

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Mortgage Rates 

See our great mortgage rates for our whole line of mortgage products.

Member Reviews

5 stars
"I have done 2 HELOC loans with SF Fed CU.  They were great to work with: professional, responsive, and thorough.   I would recommend them to anyone I am very happy with the process"
William F.
5 stars
Recently I was interested in getting a personal loan.  [The] digital sales rep @ the Golden Gate branch responded to me promptly and was really helpful.  After pre-qualifying me for a loan she helped me determine that a credit card (with a much lower interest rate) was the better option for me.  I liked the fact that [she] steered me to an option that may be less income to the SFFedCU but is a better choice for me personally.  The whole process from my first contacting the SFFedCU regarding a loan to getting the credit card took only 7 days.
Maria L.
5 stars
"The SF Federal Credit Union has been a great banking experience for me.  I have been a member for more than 30 years and never had a bad experience."
Madelyn M.
5 stars
"Best Bank Ever!!! Staff are so helpful and make you feel like they've known you forever. I have never encountered a banking problem or situation that the SFFCU team hasn't found a way to help solve! I wish there was a branch in San Jose but I've only had to travel to my actual branch about 5-6 times in my 25 years of being a member! Online services are so appreciated!" “I joined many years ago…There's nothing I don't like about them…It’s like a family. And because they offer an exceptionally new and used vehicle buying program that includes motorboats [and] motorcycles. They are kind and considerate.”
Rosalinda Rodriguez
5 stars
"The mortgage team was absolutely fabulous in locking in my rate, directing me to get my documents in a timely fashion, and closing ahead of schedule. They are a great team and I am very happy with my mortgage loan! Special thanks to them for all they do!"
Annette B.
5 stars
"Applied for a car loan, Bank Associate was very helpful. Our loan Specialist was on vacation and he took over and processed our loan within a couple of hours. I highly recommend them for their excellent customer service."
5 stars
What a breath of Fresh Air!! Having considerate compassionate individuals that absolutely represent the needs of people. Please join me in a standing ovation for the Bank Associate, who went above and beyond the call of duty using her professional approach to solve the problem. Thank you, Thank you, Thank you!
5 stars
We have been a SFFCU member for over 40+ years and have always received good service from staff, personally and thru phone contact. Most recently, we needed assistance with wiring funds to a title company with the lending institution giving us the "hurry up" mode. We went to the Burlingame Branch and sought out the Branch Manager. My goodness, they helped us tremendously in assisting us with the wiring info that the title company requested in an expeditious manner. They did not leave us hanging. They stayed with us until the title company was completely satisfied. They checked on each step we were going through with the title company and lender. They called and emailed us throughout the afternoon which felt like a week. The entire staff helped us with closing tomorrow. They are very friendly, happy, funny, and finance savvy. Check the Branch Manager out at the Burlingame Branch; you won't be disappointed.
Rene & Cynthia

Mortgage Refinance FAQ

    When should I refinance my mortgage?

    If you are thinking of refinancing your home to save money, take time to do the math and determine if it will actually get you the right amount of money. Consider the amount of time you plan to stay in your home as well as the impact of things like closing costs and pre-payment penalties.

    Here are some indicators that it’s probably time to consider refinancing:

    • If it’s early on in your mortgage term. Refinancing is usually best if you’ve been in your home a short time as your payments are primarily going toward interest. Down the road when you shift to paying more principal than the interest, keeping your original loan may be best.
    • If interest rates are dropping. It may be a good time to refinance if mortgage rates are falling. By either keeping your current repayment term and lowering your monthly payments or keeping your monthly payments relatively the same and shortening your repayment terms, you may reduce your total borrowing costs.
    • If your home’s value increased. If your home has significantly increased in value, refinancing may allow you to take advantage of that boost in equity. You could then use those funds to pay off debt or make a large purchase.
    Why should I refinance?

    If you want to lower your monthly payment, pay off your home sooner, or just save money on interest by lowering your interest rate, you might want to refinance your mortgage:

    • If it’s early on in your mortgage term. Refinancing is usually best if you’ve been in your home a short time as your payments are primarily going toward interest. Down the road when you shift to paying more principal than the interest, keeping your original loan may be best.
    • If interest rates are dropping. It may be a good time to refinance if mortgage rates are falling. By either keeping your current repayment term and lowering your monthly payments or keeping your monthly payments relatively the same and shortening your repayment terms, you may reduce your total borrowing costs.
    • If your home’s value increased. If your home has significantly increased in value, refinancing may allow you to take advantage of that boost in equity. You could then use those funds to pay off debt or make a large purchase.
    How is the APR on a mortgage loan determined?

    Mortgage loan index rates vary from day to day based on the Prime Rate, which the U.S. Federal Reserve influences. From there, we determine what rate you qualify for by checking such things as your credit score, payment history and employment history. The better your finances, the lower the rate you are offered.

    For information about mortgage loan variables, please contact us to speak to one of our knowledgeable mortgage team members at 800-852-7598, extension 2977.

    Mortgage Loan Resources

    Manage your next mortgage loan with San Francisco Federal Credit Union’s helpful tools and resources.

    Get the Mortgage to Fit Your Needs With San Francisco Federal Credit Union 

    With the right mortgage, you’ll be one step closer to reaching your financial goals. Let San Francisco Federal Credit Union help you find the perfect mortgage.

    Apply to Refinance