Getting a Housing Loan (Thread 3)

[robinemz]

what we did before we decided on what housing loan terms to get was to check on how well our economy is. since mukha namang good ang status ng economy natin (dahil tumataas ang kumpyansa ng ibang bansa at investors sa ating gobyerno), we agreed na yearly interest is okay. we got our loan last year at 5.5%. just last month, our loan was repriced to the same 5.5% interest rate for 3years. not sure though if all banks did maintain their interest rates for their yearly basis. but based from how our economy is doing, i think this should be the case.

[fionaapple]

^what if bumaba naman ang rates, so sorry na lang din sa naka tali ng 3-5yrs di ba? 

risk big= win big,

risk less= win less.

siyempre, nasa sa borrower pa rin kung kaya niya yung risk na 1 year fixed interest lang of about 5% tapos open na to the possibility of increasing or decreasing or staying the same next year and for the following years.

your question is pano kung bumaba, sorry sa nakatali sa fixed rate... i guess, kung ako yon, ok lang. kasi i bought my peace of mind by availing the higher interest rate for a longer period. so i really do not think i will be sorry about it. pero dun sa nagstick sa 5% 1 year repricing rate, e di swerte niya pero every year is different. and I believe I would want to have a few years of peace of mind na i do not have to worry about how much I will have to pay next year...

actually di ko pa rin sure what i will pick. di pa kasi dumarating yung time for us to sign the loan contract. I am just offering din some insights to the people in this forum.

[j.adore]

I took the risk of getting 5year fixing because I want peace of mind in the amount we have to pay monthly. It helps in budgeting a lot.
Hirap ng surprises and I think the choice was good for us kasi puro pataas interest rate so far.

[bluish_mommy]

oh well it all boils down to the risk appetite ng borrower talaga.

i just remember an officemate of mine who fixed his loan for 5 years at 9% and the other officemate fixed for 5 years at 11%, gang ngayon inis na inis dahil bumaba sa 6%-7% ang rate 

same as sis robinemz, we also based our decision based on our info on philippine economy status.

[mizzybebz]

what we did before we decided on what housing loan terms to get was to check on how well our economy is. since mukha namang good ang status ng economy natin (dahil tumataas ang kumpyansa ng ibang bansa at investors sa ating gobyerno), we agreed na yearly interest is okay. we got our loan last year at 5.5%. just last month, our loan was repriced to the same 5.5% interest rate for 3years. not sure though if all banks did maintain their interest rates for their yearly basis. but based from how our economy is doing, i think this should be the case.

Sis, anong bank po ito? PSBank ba?

[robinemz]

^ metrobank kami sis

[babyjham]

I got the breakdown of the bank charges, around 58k, Security Bank. Sobrang laki ba mga sis?

[fionaapple]

I got the breakdown of the bank charges, around 58k, Security Bank. Sobrang laki ba mga sis?

sis ano aNO yung mga charges that amount to 58k, Security Bank din kasi kami...

[mizzybebz]

^ metrobank kami sis

Yey! Subsidiary ng Metrobank ang PSBank so baka same sila. Sana!

Kasi magrepricing na kami next month. First year namin is 5.5% din.

[Itsmai.Shop]

sakin din may nakalagay na:
Bank charges - 53402
MRI - 3M
Fire insurance - 3513300

Hindi ko kasi magets, paexplain naman mga sis

Then nakalagay to:
- Payment of Bank Charges (meaning i need to cashout    for the bank charges)
- MRI Certificate or Life Insurance Policy Contract & O.R. of Annual Premium Payment   
- MRI/Life Insurance Waiver with signature verified by branch (if client opted not to secure an MRI or Life Insurance coverage in favor of UCPB)   
- Fire Insurance Policy Contract & O.R. of Annual Premium Payment

then required ako to get life and fire insurance? kahit ano ba to mga sis bsta yung coverage is the one stated above?   

[babyjham]

Sis fionaapple
This is the breakdown

Reg fees - 24,011
Legal docs fees - 2,600
Doc stamps fees - 11,974
MRI - 8,861
Fire Insurance - 5,694
Processing fee - 5,000
------------------------------
                   58,140

Sobrang laki ba ng charges mga sis?

[fionaapple]

^parang okay lang naman. kaya ko tinanong yung inclusions sis kasi gusto ko malaman san ba mapupunta yung charges. kasi nung nireserve namin bahay na kinuha namin, sinabi naman ng developer na we will have additional expenses for the registration, doc stamps and insurance fees which may amount to approximately 50k.

may promo yung Security Bank na save on mortgage fees ah.

Taken from the Security Bank website:

"TERMS AND CONDITIONS

    The Security Bank Home Loan Waived Fees* Promo will run from May 11, 2015 to August 31, 2015(Promo Period).
    The Promo is open to all new and existing clients of Security Bank Corporation (the Client/s), who will apply for a Home Loan from May 11 to August 31, 2015 and subsequently be approved and who will avail of the Home Loan proceeds on or before November 15, 2015 (Availment Period).
    The Promo is open to Clients who are applying for a Security Bank Home Loan or Home Equity Loan.
    The Promo is open to clients with an availed loan of at least PHP1,000,000 and a minimum loan term of at least 5 years.
    Published board interest rates and term fixing shall apply. The only applicable rate discount shall be the preferred rate for SBC Gold and Platinum Depositors.
    All payment options are allowed in the promo, including the Fantastic Elastic and Vacation Month payment options.
    The following mortgage taxes and fees shall be waived up to maximum of PHP20,000 for approved clients upon loan availment.
        - Mortgage Registration Fees*
        - Documentary Stamp Tax on REM and PN
        - Notarial Fees on REM and PN
        - Processing Fee
        - Cancellation Fee (if applicable)
        - Appraisal Fees*

    *Appraisal fees shall be first paid by the Client and will be reimbursed only upon availment of the loan. Mortgage Redemption Insurance and Fire Insurance premiums are not included in the fee waiver.

    If any of the terms and conditions above is not met, the Client shall not be qualified for the waived fees offer and shall be required to pay all necessary mortgage taxes and fees in order for the loan to be booked."

babyjham, ask mo kasi baka qualified ka sa promo...kasi ininform kami ng developer namin na isasali niya sa promo yung account namin. sayang din yung 20k.

[robinemz]

^^ sis yang MRI ba one time payment lang? or 1st year kasama sa loan, next coming years ikaw na bahala? also, on your fire insurance, kasama ba acts of nature/God jan?

[Len0523]

Gusto ko talaga magloan ng house and lot. naguguluhan lang talaga kung san mas ok kase, mas mataas sa pag ibig, pero yung chance na maremata. while sa bank, mas mababa interest pero yung chance na remata kagad mas mataas naman. Planning to buy house somewhere in Antipolo.

[babyjham]

Sis robinemz, yung MRI charges for this year lang, next year meron ulit until fully paid ang house.

[teennah19]

Pag-ibig just recently lowered its interest rates so I think that's good news especially for those who're planning to avail of a long-term fixed rate.

[fionaapple]

Pag-ibig just recently lowered its interest rates so I think that's good news especially for those who're planning to avail of a long-term fixed rate.

^she is right. I googled it. read this: http://www.foreclosurephilippines.com/pag-ibig-lowers-interest-rates-for-housing-loans-for-end-user-financing-program/

for those with existing housing loans with pag-ibig, you can also have your housing loan restructured to the new rates.

Gusto ko talaga magloan ng house and lot. naguguluhan lang talaga kung san mas ok kase, mas mataas sa pag ibig, pero yung chance na maremata. while sa bank, mas mababa interest pero yung chance na remata kagad mas mataas naman. Planning to buy house somewhere in Antipolo.

^pareho tayo ng concern, mababa ang rates ng banks pero mas secure pa rin ang pakiramdam sa Pag-ibig dahil hindi sila agad-agad nagfoforeclose.

Right now, we are paying for our downpayment sa developer ng townhouse namin, tapos lipat na by January 2016. Security Bank ang ka tie-up ng developer namin at hindi sila nagaaccept ng Pag-ibig loans, ipaparefinance na lang namin after 2-3 years sa Pag-ibig. Competitive din naman ang rates ng Security Bank kaya ok lang din. Pwede naman ang pag-ibig refinancing after at least 2 years of paying your housing loan without any defaults.

[robinemz]

Sis robinemz, yung MRI charges for this year lang, next year meron ulit until fully paid ang house.

okay.. thanks for checking sis.

[momlory]

Hello would anyone know my concern. Bale naka 10 years loan kami tapos yearly repricing.
Balak namin mag balloon payment for our anniversary date this dec.
Bale ang plan namin itira is 300k nalang for house and lot.

would anyone know kung meron silang minimum amount for loan? or ok lang kaya na 300k nalang ang loan namin sa bank?

[m_lim]

mga sis, paano kung 4.6M worth ng property. paano ba sila mag appraise for loan?
magkano malloan at saan nila bbase?

first time kasi namin mag loan. sana po may mag explain step by step. thanks in advance! :-)