If your Bank of Commerce home loan is locked into an old rate, you could be leaving thousands on the table every year. Nook helps you transfer to a lower rate — for free.
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Why this matters
Bank of Commerce offers home loans to Filipino borrowers, but like most traditional banks, their rates are repriced periodically — and many homeowners find themselves stuck on rates of 8% to 9% or higher after their fixed period ends. If you took out your loan several years ago and haven't reviewed your rate recently, there's a strong chance you're paying significantly more than you need to. Current mortgage interest rates in the Philippines have become increasingly competitive, and refinancing is now a straightforward way to close that gap.
Transferring your Bank of Commerce home loan through Nook means you get access to rates as low as 5.99% p.a. from multiple banks — including BDO, BPI, Security Bank, RCBC, and others — all compared in one place. On a 3,000,000 peso loan with 20 years remaining, moving from 8.50% to 5.99% can reduce your monthly payment by over 3,000 pesos. That's real money back in your pocket every single month, without refinancing costs eating into your savings since Nook's service is completely free to borrowers.
The process is simpler than most people expect. Nook handles the bank comparisons, paperwork coordination, and follow-ups on your behalf. You don't need to visit multiple bank branches or decode competing term sheets on your own. Whether your goal is to lower your monthly payment, shorten your loan term, or simply get a fairer rate, Nook makes the transfer process transparent and stress-free.
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, refinancing — also called a loan transfer — allows you to move your existing Bank of Commerce mortgage to a new lender offering better terms. The new bank pays off your remaining balance with Bank of Commerce, and you continue repayments under the new, lower rate. Most homeowners can refinance as long as they have a good payment history and sufficient equity in their property.
It depends on your current rate, remaining balance, and the new rate you qualify for. On a 3,000,000 peso loan at 8.50%, refinancing to 5.99% saves roughly 3,069 pesos per month — that's over 36,000 pesos a year. Use Nook's free calculator to get an estimate based on your actual loan details.
Bank of Commerce, like most Philippine lenders, may charge a pre-termination fee if you exit during a fixed-rate lock-in period. It's important to check your loan agreement for any early settlement clauses. In many cases, the long-term savings from refinancing still outweigh any short-term penalties — Nook can help you assess whether the timing makes financial sense.
Nook works with a broad panel of Philippine banks including BDO, BPI, Security Bank, RCBC, Metrobank, UnionBank, Chinabank, EastWest Bank, and more. Each lender has different eligibility criteria and rate structures, which is why comparing through Nook gives you a clearer picture than approaching banks individually. Nook identifies the best match for your profile.
Standard refinancing documents include your latest Statement of Account from Bank of Commerce, proof of income (payslips or ITR), a copy of the Transfer Certificate of Title, and valid government-issued ID. Requirements can vary slightly by receiving bank — for example, BPI has its own housing loan checklist that Nook can walk you through. Your Nook advisor will give you a complete list once you submit your application.
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