Slapped by a 9.5% interest rate after fixed pricing of condo loan ended

[isabelle550223]

@ikonimation Refinance with different bank. 9.5 is big even for PH

 

[juanbel]

@ikonimation Serious question, do we have fixed rate mortgages in the Philippines? I remember nag refinance ako dati ng bahay namin and 5 years lang ang fixed rate. Fortunately, we were able to pay the house in full before the 5 years ended.

I work for a US mortgage lender and we offer mortgages that has fixed rates for the life of the loan. We also offer adjustable rate mortgages pero konti lang ang kumukuha ng product na yun.

 

[chrisovery]

@juanbel From what I know, 30 year fixed-rate mortgages is a specific feature of the US market and is not the norm for the rest of the world.

Given the situation, while prices of real estate in some parts of the Philippines are cheap, homeownership is difficult for a normal person as a whole given the high rates.

 

[emanuel333221]

@juanbel This is only in US. Unfortately, di available sa pinas.

 

[zander88]

@ikonimation Aren’t interest rates going down soon? Maybe Last hurrah for those banks?

 

[kmar123]

@zander88 Typically yung offered initial interest rate are “promotional”. If you want to avoid surprise rate increase, get pag-ibig kasi meron sila limit sa increase ng rate.

 

[ikonimation]

Yeah mataas lalo na yong 12% pero baka inhouse yon not bank loan

 

[jouaint]

@ikonimation Mababa pa yan. Sakin umabot ata ng 12% yung sa housing loan ko before deciding paying it in full 3 years ago.

 

[deade]

@jouaint No di siya mababa