Yesterday was the end of my 3-year fixed rate of 5.88%. I was surprised to find out this morning that the rate changed to 9.8%.
May I have your thoughts on refinancing the loan? I saw an ad from Security Bank offering 6.75% fixed for 3 years or 7% for 5 years.
If I negotiate my current loan, do you think BDO can bring down the rate close to what Security bank offers?
If I push through with the refinancing option, what other fees and documents do I need to prepare for? Thanks!
Update:
Thanks for all the comments. I was able to negotiate the rates... BDO reduced it to 8.5%.
I have applied to other banks for refinancing.
May I have your thoughts on refinancing the loan? I saw an ad from Security Bank offering 6.75% fixed for 3 years or 7% for 5 years.
If I negotiate my current loan, do you think BDO can bring down the rate close to what Security bank offers?
If I push through with the refinancing option, what other fees and documents do I need to prepare for? Thanks!
Update:
Thanks for all the comments. I was able to negotiate the rates... BDO reduced it to 8.5%.
I have applied to other banks for refinancing.