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Refinancing in RP, is there such a thing?

mxherr5 · 7 · 1611

mxherr5

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on: Dec 24, 2011, 11:21 AM
Hi guys,

Is refinancing a home loan here feasible?

What if I get a home loan from a bank
first then lets say after a few years
the interest rate offered by Pag-Ibig
is low enough that the monthly
amortization would significantly be reduced?

Can I decide to refinance with Pag-Ibig
Is this possible or do I have to pay all
of those taxes which are like 6-8% of the
price all over again?

Thanks sa mga sasagot and Merry Christmas!  :D


kiko2007

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Reply #1 on: Dec 24, 2011, 12:57 PM
yup. pagibig requires 2 yrs of good records para mkapg refinance ka s kanila.:) merry christmas!


mxherr5

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Reply #2 on: Dec 27, 2011, 09:55 AM
Thanks kiko, any idea about the cost?


nightwatch

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Reply #3 on: Dec 27, 2011, 10:23 AM
^ most of the local banks are offering this service.  Just make sure you consider the extra cost of transferring your loan to another bank (ex. assessment fee, processing fee, and etc.)


mxherr5

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Reply #4 on: Dec 27, 2011, 12:26 PM
Actually, gusto ko talaga sa pag ibig kaya lang, the developer doesn't want pag ibig.. so I plan to refinance sa pag ibig probably after the outstanding balance goes down to the next lowest tier sa pag ibig para less interest
750k ata ang next tier after 1M

And that's actually what I really want to know.. how much would this
cost? Is it like a few thousand pesos for processing/admin fees or
is it like tens of thousands of pesos?



kiko2007

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Reply #5 on: Dec 27, 2011, 05:37 PM
i  think same cost as processing ng new loan. rates i think is also the same as their prevailing rates. maybe take into consideration ang early settlement fee na ipapataw ng initial lender.  certain percent usually yan but pwede mo nmn idagdag sa iloloan mo sa PAGIBIG.


naldcagape

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Reply #6 on: Jan 15, 2012, 12:05 AM
you should also add the mortgage registration fee. this is not charged by pag-ibig but by the Registry of Deeds.

You will not need to pay the taxes again. just the registration fee.


 


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