Getting a Housing Loan (Thread 4)

[Ld_awesome]

Hello mga sis! Di ko alam kung ito yung tamang thread pero I need advice.

We bought a condo last year and currently on the phase of paying the down payment. Unfortunately, di masyadong okay ang finances namin ngayon at di na namin kayang bayaran yung remaining DP. Ask ko lang po kung worth it ba utangin yung magiging pambayad namin sa remaining downpayment or do we really have to let it go kesa mabaon naman kame sa utang? Sobrang nanghihinayang talaga kame dahil good deal ang condo na nakuha namin kaso wala naman kame kakayahan bayaran yung monthly DP sa ngayon. Ano po ang advice nyo? TIA!

[ayami]

We recently got approved sa CBTC. I actually didn't know about this bank until nirecommend ng neighbor ko. True to her words, mabilis ang approval and mababa ang rate.

I asked yung ibang accredited banks ng developer namin, around 8-8.5% ba naman.

6.5% ang initial offer samin, pero nagulat ako na we got an even lower rate dahil may promo sila this month. 5 years fixed rate. Every anniversary after that, pwede raw kami magdagdag ng bayad at no cost pero yung term (n number of years) hindi magbabago. Basta every anniv lang ng loan or else may penalty na 4%.

[bluish_mommy]

Update on my Pagibig loan, good feedback for me when I applied before the 1yr fixed rate was 5.5% but after approval they gave me 5.35%. So after 1 yr I was due for repricing and curious ako what will be the new rate so ayun it was still the same 5.35% so totoo nga yung advise sakin nuon na better to get the 1 yr repricing coz sa history ni pagibig more on lowering interest rate sila than increasing. Yey! tapos I also paid lumpsum amount on my loan anniv, ayun bawas siya diretso sa principal, the monthly remains the same. I am targeting to fully pay my loan in 5 yrs instead of 30yrs! for reference I loan approx. 4M.

conservative talaga ang Pagibig kesa sa bank.

beware sa housing loans ng mga bank, patibong ang lower rates nila kahit fixed for 3 or 5 yrs pa, after that, goodluck sa repricing, boom!!! umaakyat minsan sa 9%

[Maia_Cache]

yes saka regulated ang pag-ibig they are not allowed to re-price more that 2% unlike with banks technically no limit, so most of the time is babawiin nga din yung low interest rate nila, ang mahirap pa dun is we never know dahil unpredictable ang future most of the time biglang mahihirapan na makabayad yung ngloan, ex. after 5 yrs biglang taas ng monthly tapos nagka financial problem. sobrang higpit pa naman ng bank sa default payments, maeelite agad property which is double kita sa bank. Siguro technique talaga nila yun eh.

[Pinklet]

Hi. Since yung nasubmit namin sa Pag-ibig ay pending approval pa, pero ang nalagay ko kasi sa form e fixed rate for 5 years, kung maapprove kami, pwede ko pa ba baguhin na 1 year fixed rate na lang gamitin namin?

[Maia_Cache]

Yes pwede pa yun. magrerecompute rin naman talaga kasi when you applied baka iba pa ang rate. like yung samin when I applied it was 5.5%, then after approval is 5.35% na yung lowest nila.

[AvadaKedavra]

Hello! not sure if this is OT pero itatanong ko na rin

For those na nakapagloan na, how did you know na you're financially ready to get one?

How much money ang tingin nyong dapat meron na kayo before magloan? Meron ba sa inyo na ok lang na sakto ang money for DP or preferred nyo yung may savings kayo na at least half or more nung illoan nyo?

TIA!

[Maia_Cache]

^I made sure that I have the same amount of money on hand, either in savings account or invested (but can easily be liquidated if needed). Aside from the DP na fully paid since kelangan naman talaga bayaran before loan processing. Praning kasi ako ayoko mauwi sa wala yung mga binayad ko incase mawalan kami ng income tapos hindi pa tapos sa amortization.

For some naman they will say na 'lakasan ng loob' kaso mahirap to eh coz of job security lalo sa pinas. So for peace of mind, saka para rin if ever I decide to get another loan i can payoff the first one to be qualified (Pagibig case)

[joythhhh]

Hello.

I have concern with our bank loan. I still have an outstanding balance sa CC ko. Will it affect our home loan application? Although monthly naman ako nagbabayad sa CC bank ko. Ako kasi ang co-buyer ni bf and siya ang principal buyer but actually abot naman ng monthly salary niya yung minimum salary required ni bank. Just to be sure lang sana na it won't have a negative effect sa kinukuha namin na house.