If you took out a home loan with Bank of Commerce more than two years ago, there's a good chance you're paying 8.50% or higher. Nook connects you to lenders offering rates from 5.99% p.a. — and our service is completely free.
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Why this matters
Bank of Commerce offers home loans across the Philippines, but like many traditional banks, their fixed-rate periods typically last only 1 to 3 years. Once your lock-in period ends, your rate reprices — and unless you actively shop around, you're likely rolled onto a rate that's significantly higher than what's available in the market today. Many Bank of Commerce borrowers don't realise this has happened until they do the math. You can check current mortgage interest rates in the Philippines to see how your rate stacks up against what banks are offering right now.
Refinancing simply means replacing your existing home loan with a new one from a different lender — ideally at a lower interest rate. On a 3,000,000 peso loan with 20 years remaining, dropping from 8.50% to 5.99% saves over 4,500 pesos every single month. That's money that can go toward your family, your business, or simply building savings faster. The process does involve paperwork, but Nook handles the comparison and coordination on your behalf at no cost to you.
The banks and institutions we work with include BDO, BPI, Security Bank, RCBC, Metrobank, and others — all competing for your loan. If you're curious about what switching to a specific lender involves, you can explore our BPI housing loan requirements guide as one example of what the application process looks like. Nook helps you find the right fit and supports you through the full application from start to approval.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
Yes, you can refinance with any participating bank or lender, regardless of where your current loan is held. The new lender pays out your remaining Bank of Commerce balance and you begin repaying the new lender at a lower rate. Nook helps you compare multiple offers so you can choose the best one for your situation.
Bank of Commerce, like most Philippine banks, may charge a prepayment or early termination fee if you refinance within your fixed-rate lock-in period. Once that period has ended, you can typically refinance without penalty. Nook can help you review your loan terms to determine the right time to make your move.
Savings depend on your outstanding balance, remaining term, and the rate difference between your current loan and your new one. On a 3,000,000 peso loan moving from 8.50% to 5.99% over 20 years, you save roughly 4,541 pesos per month and over 817,000 pesos in total interest. Use Nook's calculator for a figure tailored to your specific loan.
A typical refinancing in the Philippines takes between 4 to 8 weeks from application to loan release, depending on the lender and how quickly documents are submitted. Nook streamlines this by guiding you through each step and coordinating directly with the bank on your behalf. Being organised with your documents upfront makes the biggest difference to processing speed.
Yes, Nook's mortgage brokering service is completely free to you as the borrower. Nook is compensated by the bank when a loan is successfully settled, which is standard practice for mortgage brokers. You get expert guidance and access to multiple lenders without paying a single peso in broker fees.
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