The good news? We got approved!
The bad news? It will cost us an additional Php 25,000+ (on top of the Php 4000 assessment fee) and the rate is not guaranteed. If the loan is released before the end of June, then we'll get the 5.5% interest rate. If not, then whatever rate they have in July will be applicable.
At 5.5%, our monthly mortgage will be Php 3399 lower for the next three years and we'll be able to pay off the fees (so to speak) within 8 months. Potentially, we'll be able to save Php 95,172 over the remaining 28 months - money that can be used for other house bills.
So, what happens if we don't make the June deadline and the new rate isn't to our liking? We have the option of cancelling and getting a refund (except for the Php 3000 handling fee).
Another concern is the amount of the loan. We applied for the loan two months ago and our remaining balance has since decreased by over Php 20,000+. BDO officer Carol said that the bank will give us a refund for the difference. Not sure how that works, but we definitely don't want to pay more than what's necessary.