Our three year rate term ended last March so now, our interest rate has increased from 7% to 7.5%. We asked if we could retain the old rate, but that request was denied. We could opt to go for a lower rate of 6.5% (yearly), but we would need to pay a Php 5000 repricing fee and even then, it's not guaranteed.
After asking around, someone informed us that Banco de Oro (BDO) was having a promotion, so I went over to inquire and they gave the following rates:
4.88% - 1 year term
5.50% - 3 year term
5.88% - 5 year term
I've often read that one way to save money is to refinance your mortgage, but we never really considered it before. Now I'm thinking that we should have done this ages ago! Well, here's hoping our loan application gets approved.