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  1. Join Date
    Mar 2013
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    6,160
    #21
    Congratz bro

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  2. Join Date
    Feb 2005
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    6,099
    #22
    Quote Originally Posted by cast_no_shadow View Post
    Chimes??


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    Yes, bro.

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  3. Join Date
    Feb 2005
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    6,099
    #23
    Quote Originally Posted by EQAddict View Post
    Congratz bro

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    Thanks, bro. Jut's thread is very timely. Need to talk to my bank in the coming days. Housing Loans

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  4. Join Date
    Mar 2013
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    6,160
    #24
    Nice place and location! Congratz bro.


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  5. Join Date
    Nov 2010
    Posts
    24,726
    #25
    Quote Originally Posted by Sarsi View Post
    Made the reservation for a Robinsons' project in Greenhills. A new home by next year.

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    Congratulations sarsi.

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    Fasten your seatbelt! Or else... Driven To Thrill!

  6. Join Date
    Feb 2005
    Posts
    6,099
    #26
    Quote Originally Posted by Ry_Tower View Post
    Congratulations sarsi.

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    Thanks, bro.

    Talo kay boss eh.

    Shopping day kami today, went to Toyota, Nissan, and met the broker. She decides. My vehicle purchase have to wait for another year or two.

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  7. Join Date
    Dec 2006
    Posts
    17,316
    #27
    Quote Originally Posted by EQAddict View Post
    I always get 1 year rates. The banks make a killing on the fixed term interest rates.

    Go with your current bank and just say you want a preferred rate. Otherwise you move your business and your deposits to a more competitive bank. They will give in.



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    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.
    Quote Originally Posted by EQAddict View Post
    All housing loans use the diminishing interest method. I.e. more % of the payments go to servicing interest first before the principal. After time goes by, more % goes to paying off the principal. They really take their pound of flesh.

    For example: 1 million loan. 10 years to pay. Fixed 5%. So thats 50% interest over 10 yrs bringing the total to 1.5 million.

    Thats about 12,500 a month. Now for the first couple of years maybe 70-80% of that 12500 goes to paying off the 500k interest and the remainder goes to paying off the 1 million principal. So your remaining principal balance after the first few years is still close to a million cause you were paying for the interest first.

    If you make a balloon payment (got a bonus etc) it has to be on the anniversary of your loan...but in this case they will deduct from the principal. The monthly payments DO NOT CHANGE. They will just shorten the term. Classic banks.

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    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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  8. Join Date
    Jul 2008
    Posts
    7,119
    #28
    Congrats bro Sarsi. Nice location.👍

  9. Join Date
    Mar 2013
    Posts
    6,160
    #29
    Quote Originally Posted by jut703 View Post
    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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    Well 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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  10. Join Date
    Oct 2012
    Posts
    27,626
    #30
    Quote Originally Posted by Sarsi View Post
    Made the reservation for a Robinsons' project in Greenhills. A new home by next year.

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    congrats lakas ng airbnb Housing Loans

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