The Month Everything Broke at Once
In March 2023, Marivic Santos sat at her kitchen table in Bacoor, Cavite, with three bills spread out in front of her and a calculator she wished she could throw out the window.
Her home loan statement from her bank showed a monthly amortization of 28,450 pesos. Her daughter's school tuition was due. Her son had an asthma flare-up that week, which meant a pharmacy receipt she hadn't budgeted for. And her take-home pay as a public school teacher — after deductions — was 34,000 pesos a month.
Marivic had been a solo parent for four years. Her husband had left in 2019, leaving her with a 3,200,000-peso home loan at 8.75% per annum, two kids under ten, and a mortgage that had felt manageable when there were two incomes. Now it consumed nearly 84% of her salary every single month.
"I kept thinking — I just need to hold on a little longer," she said. "But I didn't know what I was holding on for. The rate was just the rate. I didn't know I could change it."
The Conversation That Changed Things
It was a colleague at school — a fellow teacher named Rowena — who first mentioned refinancing. Rowena's brother-in-law had recently gone through it and had dropped his monthly payment significantly. Marivic was skeptical. She had assumed refinancing meant more paperwork, more bank visits, more rejection.
"I'm a solo parent with no co-borrower. I thought no bank would take me seriously," she recalled.
But Rowena sent her the link to Nook, describing it as a digital mortgage broker that does the legwork for you — and charges the borrower nothing. Marivic filled out the online form on a Sunday evening after the kids were asleep. She expected nothing. She got a call the next morning.
The Nook advisor she spoke with, Jerome, didn't make her feel like a number on a spreadsheet. He asked about her income, her loan balance, her current rate. He explained what options might be available. He told her that being a single parent didn't automatically disqualify her — banks assessed her on her own merits, and her stable government employment was actually a strong factor in her favor.
Running the Numbers
After reviewing her documents, Jerome came back with a clear picture. Marivic's remaining loan balance was approximately 2,850,000 pesos, with about 19 years left on her original 23-year term.
Her current monthly payment at 8.75%: 28,450 pesos.
With a refinanced rate of 5.99% per annum through one of Nook's bank partners — and keeping a similar remaining term — her new estimated monthly amortization would be approximately 20,900 pesos.
That was a difference of 7,550 pesos every single month.
Over the course of a year, that was more than 90,000 pesos back in her pocket. Money that could cover tuition. Medicine. The occasional school field trip she used to say no to.
"When Jerome showed me that number, I cried," Marivic said quietly. "I'm not ashamed to say it. I actually cried."
The Process: Simpler Than She Expected
Marivic had braced herself for a grueling process. Instead, Nook handled the coordination with the bank directly. She submitted her documents digitally — payslips, her Certificate of Employment, her latest loan statement, government-issued ID, and her Solo Parent ID, which she'd had since 2020.
Jerome kept her updated throughout. When the bank requested additional documentation, he told her exactly what to prepare and why. When there was a delay, he followed up on her behalf. Marivic didn't have to take a single day off work to chase a bank officer.
"I was expecting to sit in a branch for hours. That never happened," she said. "I did everything from my phone, mostly at night."
The entire process took about six weeks from application to approval. Marivic's new loan was with a different bank than her original one — Nook had identified a more competitive offer there — and the transition was handled with minimal friction. The one upfront cost she had to prepare for was the standard refinancing fee charged by the new bank, which Jerome had walked her through in advance so there were no surprises.
Life at 5.99%
Six months after her refinancing was completed, Marivic's monthly amortization sat at 20,900 pesos. For the first time since 2019, she feels like she has room to breathe.
She's rebuilt a small emergency fund — something she hadn't had in years. Her daughter started violin lessons. Nothing extravagant. Just small things that feel, to Marivic, like proof that she and her kids are going to be okay.
"I'm not rich," she said with a laugh. "But I'm not scared every time a bill arrives anymore. That's everything."
Marivic's story isn't unique. Across the Philippines, solo parents — whether separated, widowed, or simply doing it alone — are carrying home loans taken out under different circumstances, often at rates that no longer reflect the market. Many don't realize that their status as a single borrower doesn't have to mean being stuck with the same rate forever.
If you're navigating a high debt-to-income ratio as a solo earner, it's worth knowing that Nook also works with borrowers who are concerned about high debt ratio home loan refinancing — a common situation for single parents managing everything on one income.
What Single Mothers Should Know About Refinancing
Marivic asked us to share a few things she wishes she had known sooner:
- Your Solo Parent ID matters. Some banks and programs recognize solo parent status. It's always worth disclosing — it may open doors you didn't know existed.
- Stable employment is your strongest asset. For teachers, nurses, government employees, and other professionals with regular payslips, banks view you as a reliable borrower regardless of whether you have a co-borrower.
- You don't need to refinance through your current bank. Nook checks offers from multiple Philippine banks — BDO, BPI, Metrobank, Security Bank, RCBC, EastWest, and more — to find the one that fits your profile best.
- Nook is free for borrowers. There is no charge for Nook's service. The broker fee is paid by the bank. You pay nothing to get a lower rate.
- You can start without committing. Filling out the form and speaking with a Nook advisor is informational. You're not obligated to proceed until you're ready.
If you're self-employed or running your own business as a solo parent, the documentation requirements differ — Nook has experience with self-employed home loan refinancing and can guide you through what banks will ask for.
You Don't Have to Do This Alone
Solo parenting is already one of the hardest things a person can do. Your home loan shouldn't be making it harder than it has to be.
If you're paying above 7% per annum on your home loan and your outstanding balance is at least 1,000,000 pesos, there is a real possibility that refinancing could reduce what you pay every month — and that Nook can help you do it without adding to your workload.
Marivic's advice is simple: "Just try. Fill out the form. See what's possible. I spent four years thinking I had no options. I had options the whole time."