Philippine banks have very different refinancing criteria, rates, and processing times. Nook applies to all of them simultaneously so you get the best offer without the legwork.
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Why this matters
If you have an existing housing loan in the Philippines, there is a good chance you are paying more than you need to. Most Filipino homeowners locked in rates between 7% and 10% and have simply never explored switching banks. The good news is that several major banks — including BDO, BPI, Security Bank, RCBC, Metrobank, and others — actively accept housing loan refinancing transfers in 2026, and competition between them means rates have never been more favorable for borrowers who are willing to shop around.
The challenge is that each bank has its own eligibility rules, documentary requirements, appraisal processes, and repricing schedules. BPI may offer a sharp introductory rate but a shorter fixed period. Security Bank might approve faster but have stricter loan-to-value limits. RCBC may suit OFW borrowers where others won't. Comparing these nuances on your own — while holding down a job and managing a household — is genuinely difficult. That is exactly why working with a mortgage broker makes so much sense: one application, one set of documents, and offers from multiple banks returned to you for comparison.
Nook is the Philippines' first digital mortgage broker and the process is 100% free for borrowers. We handle the bank submissions, follow up on your behalf, and present you with real loan offers side by side. There are no fees, no obligations, and no pressure to accept any offer. If you are currently paying above 7% on a loan balance of 2 million pesos or more, the numbers almost always justify taking a closer look at what a refinance could save you.
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
The major banks actively accepting refinancing transfers include BDO, BPI, Security Bank, RCBC, Metrobank, PNB, UnionBank, Chinabank, PSBank, and EastWest Bank. Pag-IBIG also accepts refinancing of bank loans for eligible members, often at very competitive rates. Eligibility criteria and available rates vary by bank, which is why comparing multiple lenders at once gives you the strongest negotiating position.
A simple rule of thumb: if your current rate is 1.5 percentage points or more above the best available market rate, refinancing is almost certainly worth exploring. On a 3,000,000 peso loan, even a 2-percentage-point reduction can save over 4,000 pesos per month. Nook can show you your estimated savings in minutes before you commit to anything.
Yes, refinancing is a new loan with a new bank, so you will go through credit assessment, income verification, and property appraisal again. However, the process is generally smoother if you have a good repayment history and complete documents ready. Nook guides you through the exact requirements for each bank so nothing is missing when your application is submitted.
Processing times vary considerably by bank — some lenders can issue a Letter of Approval within 2 to 3 weeks, while others may take 6 to 8 weeks depending on appraisal scheduling and internal queues. Applying to multiple banks through Nook simultaneously means you are not held hostage to one bank's timeline and can move forward with whichever approves first or offers the best terms.
Yes, switching typically involves a processing fee, appraisal fee, registration and transfer costs, and potentially a cancellation fee from your existing bank if you are still within a lock-in period. These one-time costs usually range from 30,000 to 80,000 pesos depending on the loan size and bank. In most cases they are recovered within the first year of lower monthly payments, making the switch financially worthwhile.
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