I just had my housing loan approved last April and as of now I am still not thinking of any refinancing since I still haven’t moved to the new condo yet and I don’t have any complaints with the Pag-IBIG housing loan I got.
Current rates I got was 10% annual interest and rates varies depending on the economy and other financial factors. If the economy is good it can go as low as 8% but if comes to worst thank God that it can only go as high as 12%.
In the U.S., where there was a report about the worst real estate situation ever, there is an option for people to apply for a Home Refinance in cases where the borrower could no longer afford his present mortgage rate.
To be able to avail of this one should re-apply for a home refinancing the same way as they applied with their regular loan. The requirements is just about the same. But compared to the regular loan there is no lenders fee, your appraisal fee will be reimbursed when the deal is closed, the loan covers the title fee, and there is no points or originator fee.
Did you know that an average American would apply for a refinancing every 5 years on their mortgage? I wonder if there is such a thing here or maybe it only applies to bank housing loans and not for government housing loans.
You can check out FreeHomeRefi.com they have more information about the time of refinancing you can avail such as ARM to a fixed rate loan, rate and term refinance loan, or a cash out refinance loan where they can get your loan wired directly to your bank account so you can use it immediately for your other financial needs such as home improvements, payment for school or college fees, vacation, buy a new car, consolidate debt and more.
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