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Tsikoteer
- Join Date
- Mar 2013
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- 6,160
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April 21st, 2018 06:42 PM #23
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Tsikoteer
- Join Date
- Mar 2013
- Posts
- 6,160
April 21st, 2018 07:31 PM #24Nice place and location! Congratz bro.
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April 21st, 2018 08:16 PM #26
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April 21st, 2018 08:29 PM #27
Thanks bro! So for example the prevailing 1 year rate is 5.25% and the 5 year rate is 6.8%, in your experience, what is the rate for 2nd-5th year?
My fear is that I might get a cheap 1 year rate and then they milk me in the remaining years when I'm already locked in.Thanks for this bro. So the payment split between principal and interest is pretty much fixed.
Is there a way to haggle? I haven't submitted my income documents but I dunno if that helps lower the rate vs the original quote they gave.
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Tsikoteer
- Join Date
- Mar 2013
- Posts
- 6,160
April 21st, 2018 09:05 PM #29Well if you get a 1 yr rate, they will reprice it every year based on current central bank interest rates. If you're confident rates will be steady for the next few years, then a 1 yr rate is the way to go. But if you are conservative you will go for the 3 or 5 year fixed rate pricing. But it will cost you either way , you or the bank are hedging.
As for haggling.....loan officers usually go up the food chain for approvals. Usually the first rate quotation you get can be haggled down 100 basis points or more.
Beware of fees, chattel, doc stamps, mandatory insurance etc. These usually make the 12th month payment much higher than the rest. Those can be haggled as well.
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April 21st, 2018 09:50 PM #30
Buhay na buhay ang BGC this evening. Bukas halos lahat ng restaurants. Sabi pa nung isang cashier...
Traffic!