Follow Tempur on Facebook for product and promotion updates.
Click here for the map going to the Focus Global Inc. compound.
24 June 2014
Sale! Tempur Warehouse
Follow Tempur on Facebook for product and promotion updates.
Click here for the map going to the Focus Global Inc. compound.
16 May 2014
Hooray!!!
Got this in my inbox on May 7th:
Dear Valued Client,
Good Day!
We wish to inform you that the Bank has implemented your request for change in repricing cycle from 9.75% 5 year fixed to 7.00% 3-year fixed starting April 16 2014 up to June 16 2016.
Though why they gave that start date when we only applied on April 29th is a mystery to me. Shouldn't it begin on May 16th? In any case, here's to lower mortgages!
So we will now get to save Php 3912.44 per month starting today with the new rate. But, it gets even lower since we've decided to make an advance payment on our loan. Here's a breakdown of the changes:
Php 24,321 - original amount
Php 20,408.56 - due to rate change
Php 17,381.87 - due to advance payment
That's a total savings of Php 6,939.13 per month starting in June! We've decided to save the difference either for furniture when we eventually move-in or a new house. I'm still hoping someone out there will build my dream home and sell it to us at a reasonable price. Hahaha!
Dear Valued Client,
Good Day!
We wish to inform you that the Bank has implemented your request for change in repricing cycle from 9.75% 5 year fixed to 7.00% 3-year fixed starting April 16 2014 up to June 16 2016.
Though why they gave that start date when we only applied on April 29th is a mystery to me. Shouldn't it begin on May 16th? In any case, here's to lower mortgages!
So we will now get to save Php 3912.44 per month starting today with the new rate. But, it gets even lower since we've decided to make an advance payment on our loan. Here's a breakdown of the changes:
Php 24,321 - original amount
Php 20,408.56 - due to rate change
Php 17,381.87 - due to advance payment
That's a total savings of Php 6,939.13 per month starting in June! We've decided to save the difference either for furniture when we eventually move-in or a new house. I'm still hoping someone out there will build my dream home and sell it to us at a reasonable price. Hahaha!
29 April 2014
Mortgage Rate Adjustment
Not sure why we hadn't thought of this before, but we are now looking into having our rate repriced. Here's how things currently stand:
Rate: 9.75% fixed for five (5) years until June 2015
Term: 16 years
Monthly Amortization: Php 24,321
Basically, we're paying 70% of the mortgage on interest alone. In other words, PSBank has made a lot money from us (then again, that's mostly how loans work).
After a couple of phone calls and numerous emails, we've decided that the benefits outweigh the Php 5000 adjustment fee. Yup, there's a "Reprising Cycle" fee for the bank to process the request which is still subject to approval, and a distinct possibility we will be wasting that much money if they reject our application.
But if all goes according to plan, we could end up saving at least Php 3390 per month with the new rate! In a year, that's a total of Php 40,680 we could use for a lot of other things.
*Keeping our fingers crossed*
Side Note: It pays to ask twice. Initially, we called the customer service hotline, and the agent advised that the new rate will be 6.5%. When we sent an email to that same department (we like to have everything in writing), they informed us that it's between 7 to 7.5% fixed for two or three years.
In another email, we asked if we could get an estimate of how much the new monthly amortization would be if the rate went down to 7.5%. Here's their reply:
We wish to confirm that your monthly amortization will change if you will request for rate adjustment. However, we cannot provide you the estimated monthly amortization as this will be system generated.
My uncle, who's a district manager over at BPI, questioned why they could not do it (I didn't believe PSBank either, but it's hard to argue when you're more than 1000 miles away - literally). So I called customer service last Saturday and the agent who answered said that she will have to ask another department for that information. By Monday afternoon, I had a detailed sample computation in my inbox.
Why did I have to make a long distance phone call for something that was possible to begin with?
Rate: 9.75% fixed for five (5) years until June 2015
Term: 16 years
Monthly Amortization: Php 24,321
Basically, we're paying 70% of the mortgage on interest alone. In other words, PSBank has made a lot money from us (then again, that's mostly how loans work).
After a couple of phone calls and numerous emails, we've decided that the benefits outweigh the Php 5000 adjustment fee. Yup, there's a "Reprising Cycle" fee for the bank to process the request which is still subject to approval, and a distinct possibility we will be wasting that much money if they reject our application.
But if all goes according to plan, we could end up saving at least Php 3390 per month with the new rate! In a year, that's a total of Php 40,680 we could use for a lot of other things.
*Keeping our fingers crossed*
Side Note: It pays to ask twice. Initially, we called the customer service hotline, and the agent advised that the new rate will be 6.5%. When we sent an email to that same department (we like to have everything in writing), they informed us that it's between 7 to 7.5% fixed for two or three years.
In another email, we asked if we could get an estimate of how much the new monthly amortization would be if the rate went down to 7.5%. Here's their reply:
We wish to confirm that your monthly amortization will change if you will request for rate adjustment. However, we cannot provide you the estimated monthly amortization as this will be system generated.
My uncle, who's a district manager over at BPI, questioned why they could not do it (I didn't believe PSBank either, but it's hard to argue when you're more than 1000 miles away - literally). So I called customer service last Saturday and the agent who answered said that she will have to ask another department for that information. By Monday afternoon, I had a detailed sample computation in my inbox.
Why did I have to make a long distance phone call for something that was possible to begin with?
Subscribe to:
Posts (Atom)
