Homeowners with a Bank of Commerce home loan are switching to rates as low as 5.99% p.a. through Nook — and saving thousands every month for free.
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Why this matters
Bank of Commerce is a traditional commercial bank with a solid reputation, but like many mid-tier banks in the Philippines, its home loan rates often lag behind what the most competitive lenders are offering right now. If you took out your mortgage more than two or three years ago, there's a strong chance you're locked into a rate well above 8% — while current mortgage interest rates in the Philippines have become far more competitive through refinancing channels. Nook gives you direct access to those rates at no cost to you.
Refinancing your Bank of Commerce housing loan through Nook means we do the legwork of comparing multiple lenders on your behalf — BDO, BPI, Security Bank, RCBC, Metrobank, and more — so you don't have to approach each bank individually. Our mortgage specialists handle the paperwork, coordinate with your new lender, and guide you through every step of the transfer process. There are no broker fees charged to borrowers, ever. Nook is compensated directly by the bank you end up choosing.
The process is straightforward: you submit your details once, we assess your eligibility and outstanding balance with Bank of Commerce, and we present you with the best available offers. Most borrowers with a clean payment history and a remaining loan balance of ₱1,500,000 or more qualify. If you're unsure what documents you'll need for the receiving bank, it's worth reviewing what a lender like BPI typically requires for a housing loan as a useful reference point for standard Philippine bank requirements.
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, as long as your loan is not within a lock-in period specified in your original mortgage contract. Most Philippine home loans have a lock-in period of one to three years, after which you are free to transfer to another lender. Check your Bank of Commerce loan documents or call their customer service to confirm your lock-in status before applying.
On a ₱3,000,000 loan with a remaining term of 20 years, moving from a typical Bank of Commerce rate of around 8.50% to 5.99% p.a. can reduce your monthly payment by over ₱4,500 — that's more than ₱54,000 per year. Your actual savings will depend on your outstanding balance, remaining term, and the rate you qualify for.
You'll typically need a copy of your Bank of Commerce loan statement or latest billing, your most recent Title (TCT or CCT), proof of income such as payslips or ITR, and valid government-issued IDs. Nook will provide you with a complete checklist tailored to the specific bank you're refinancing into, so nothing gets missed.
No — Nook's service is completely free for borrowers. We are compensated by the receiving bank once your loan is successfully transferred, similar to how insurance brokers operate. You get independent advice and full market comparison at zero cost to you.
The typical refinancing process takes between 30 and 60 banking days from submission of complete documents to loan release. The timeline depends on how quickly appraisal and title verification are completed, and how responsive both banks are. Nook actively follows up on your behalf to keep the process moving as efficiently as possible.
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