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?

Interior Styling

An 8-week course which puts emphasis on furnishings, materials and will cover a detailed understanding of the application and effect of color and design schemes in the use of residential, commercial and institutional interior spaces.

Schedule: April 4 - May 30 | Friday | 5:00-8:00 pm

Fee: Php 10,000

For more information, call 478 4611 local 117 or email admissions@sofa.edu.ph

School of Fashion and the Arts
Admissions Office
Ground Flr., Enzo Bldg.
399 Gil Puyat Ave.
Makati City

(+632) 478 4622
(+632) 478 4611 local 115

For Sale

Address: Avida Settings Cavite

Floor area: 84 sqm
Lot area: 162 sqm

Bedrooms: 2
Bathrooms: 2
Study room: 1

Village amenities: 24 hour security, clubhouse (with convenience store), swimming pool, multiple playground areas, two basketball courts.

Location:

Accessible via Daang Hari, Molino Boulevard and Aguinaldo Highway.

2 minutes to The District Dasmariñas
3 minutes to Metro South Hospital
5 minutes to SM Molino*
20 minutes to Alabang Town Center*

Shuttle services to Alabang, Makati and Lawton are available nearby (UV Express).

*Without traffic.

For more information:

- The Village
http://twostoreys.blogspot.sg/2011/04/village.html

- Security
http://twostoreys.blogspot.sg/2010/11/security-detail.html

- The House
http://twostoreys.blogspot.sg/2014/02/before-after-part-1.html
http://twostoreys.blogspot.sg/2014/03/before-after-part-2.html

Inquiries:

Please send me an email using the Contact tab above.