Thousands of Filipino homeowners with Bank of Commerce home loans are overpaying every month. Switching to a lower rate through Nook could save you over 4,800 pesos monthly — and it costs you absolutely nothing.
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Why this matters
Bank of Commerce offers home loans to Filipino buyers, but like many traditional banks, their repricing cycles often leave existing borrowers locked into rates that no longer reflect what the market can offer. If you took out your home loan two or more years ago and haven't reviewed your rate since, 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, with the best refinance rates now starting at 5.99% p.a. — well below what most Bank of Commerce borrowers are currently paying.
Refinancing your Bank of Commerce home loan means moving your outstanding balance to a new lender offering a lower interest rate. The process doesn't have to be complicated. Nook is the Philippines' first digital mortgage broker, and we do the legwork for you — comparing offers from BDO, BPI, Security Bank, Metrobank, RCBC, and more to find the deal that saves you the most. Our service is completely free to borrowers. We're compensated by the banks, not by you.
Eligibility is straightforward if you've been making regular payments and your property has maintained its value. Most borrowers need at least 12 months of on-time payments and a remaining loan balance of 1,000,000 pesos or more to qualify. The entire application process can be completed online in minutes, and Nook's advisors will guide you through every document and step. If you're considering your options, it's also worth exploring guides like the BPI housing loan requirements to understand what competing banks typically look for in a refinance applicant.
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 your Bank of Commerce home loan to any participating bank that offers better rates. The process involves your new lender paying off your existing Bank of Commerce balance, and you then make payments to the new bank at your agreed lower rate. Nook can handle the entire comparison and application process on your behalf at no cost to you.
Bank of Commerce, like most Philippine lenders, may charge a pre-termination fee if you refinance during a fixed-rate lock-in period — typically the first one to three years of your loan. It's important to check your loan documents or call your branch to confirm whether a penalty applies and how much it would be. In most cases, the monthly savings from refinancing quickly outweigh any one-time exit fee.
On a 3,000,000 peso loan with a remaining 20-year term, switching from an 8.50% rate to Nook's best available rate of 5.99% could save you over 3,000 pesos every month. That adds up to more than 36,000 pesos per year and hundreds of thousands over the remaining life of your loan. Use Nook's free calculator to get a personalised estimate based on your actual balance and rate.
The typical refinancing timeline in the Philippines is four to eight weeks from application to loan release, depending on the bank you switch to and how quickly documents are submitted. Nook streamlines this by helping you prepare the right paperwork upfront and following up with the bank on your behalf. Getting pre-approved takes just a few minutes online.
Yes, Nook's service is 100% free for borrowers. Nook earns a referral fee from the bank when your loan is successfully processed — similar to how a real estate broker works. You pay nothing extra, and the rate you receive through Nook is the same or better than going directly to the bank yourself.
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