Thousands of Filipino homeowners are quietly overpaying on their Bank of Commerce home loans. Switching to a lower rate through Nook could save you over 4,800 pesos every single month.
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Why this matters
Bank of Commerce has been a trusted name in Philippine banking for decades, but trust doesn't always translate to the best home loan rate. Many homeowners who took out a Bank of Commerce housing loan several years ago are still locked into rates of 8% to 9% or higher — rates that made sense at the time but now cost significantly more than what's available in today's market. If your loan is more than two years old and you haven't reviewed your rate, there's a strong chance you're leaving real money on the table every month. You can check current mortgage interest rates in the Philippines to see exactly how your Bank of Commerce rate stacks up against the competition.
Refinancing your Bank of Commerce home loan means transferring your outstanding balance to a new lender offering a lower interest rate. On a 3,000,000 peso loan with 20 years remaining, dropping from 8.50% to 5.99% reduces your monthly payment by over 3,000 pesos — and across the full remaining term, that compounds into hundreds of thousands of pesos in total savings. The process involves a new appraisal, title transfer, and bank approval, but Nook's team of mortgage specialists handles all of that coordination on your behalf, completely free of charge to you as the borrower.
Nook works with the Philippines' leading banks — including BPI, BDO, Security Bank, RCBC, Metrobank, and others — to find you the sharpest available rate for your specific property and financial profile. Rather than approaching each bank yourself and submitting multiple applications, Nook does the shopping for you and presents competing offers side by side. If you're also curious about what other lenders offer before you decide, it's worth reviewing BPI's housing loan requirements to understand what a competitive refinancing package typically looks like from one of the market leaders.
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
It depends on the specific terms of your Bank of Commerce loan agreement. Most Philippine home loans include a lock-in period of one to three years, during which early repayment or transfer may incur a penalty fee — typically 1% to 3% of the outstanding balance. Nook can help you calculate whether the long-term savings from refinancing outweigh any penalty costs.
Most banks require that your loan-to-value (LTV) ratio does not exceed 80% of the appraised property value, meaning you should have at least 20% equity built up. If your property has appreciated in value since you first took out the Bank of Commerce loan, you may qualify for a larger refinance amount than you expect. Nook's team will assess your situation and match you with lenders whose LTV requirements fit your profile.
A typical home loan refinance in the Philippines takes between 30 and 60 days from application to loan release, depending on the receiving bank's processing speed and the completeness of your documents. Delays most commonly occur when property titles have issues or when income documents are incomplete. Nook helps you prepare your documents correctly from the start to avoid unnecessary back-and-forth.
You'll generally need your government-issued ID, proof of income (payslips or ITR), your Bank of Commerce loan statement showing the outstanding balance, your property's Transfer Certificate of Title (TCT), and a copy of the tax declaration. The receiving bank will also require a new property appraisal, which they typically arrange directly. Nook provides a full document checklist once you submit your initial inquiry.
Yes — Nook's service is 100% free to the borrower. Nook earns a referral fee from the receiving bank once your loan is successfully transferred, so there is no charge to you at any point in the process. You get expert mortgage advice, rate comparisons across multiple banks, and full application support without paying a single peso in broker fees.
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