Starting the year right

illustration by steph bravo

It has practically become a routine for many to draw up that quintessential list of resolutions to start the year right.

It can be a simple change in habits, a bigger resolve to do things better, or the courage to finally have a go for those life-changing decisions. It all boils down to one wanting to be smarter in every move.

Financially for instance, you might want to check your expenses, savings, investments or any outstanding loans. If you have a home loan for example, you will want to see if your bank continues to provide the most competitive rates in the market. If not, then it might be high time for you to check out what the other banks can offer you.

Refinancing your loan

Fortunately, financial institutions such as Metrobank allow one to refinance his or her existing home loans to take advantage of better options.

By definition, a refinance occurs when “a business or person revises the interest rate, payment schedule and terms of a previous credit agreement. Debtors will often choose to refinance a loan agreement when the rate environment has substantially changed causing potential savings on debt payments from a new agreement.”

So if you’re looking for more competitive payment terms or if you’re wishing that your current home loan is better suited to your present situation, you have the option to refinance it with Metrobank. You’ll have the freedom to restructure your loan from other banks as this local banking giant will give you easy access to low interest rates, flexible payment terms and better customer service.

Same easy process

Of course, you will still need to go through the same application process, similar to getting a home loan meant for the purchase of a new condominium unit, a lot or a house and lot, or for construction and renovation.

Those seeking to refinance their existing home loans with Metrobank must be at least 21 years old at the time of application and not older than 65 years upon loan maturity; a Filipino citizen or foreigner with permanent resident visa for the Philippines; must be employed for at least two years with current employer and earning at least P30,000 for self-employed individuals, or have the same gross monthly family income for fixed income earners, among others.

You have to submit the same requirements and documents such as government-issued IDs (passport, driver’s license, or SSS ID, among others) and at least one proof of income (income tax return, payslips, or certificate of employment).

One will also have the option to determine the interest fixing period, which refers to the length of time you want your interest rate to remain the same despite whatever movements the interest rate may experience in the future. As of this writing, Metrobank offers among the most competitive fixed interest rates, ranging from 7 percent (one-year fixing) to 8.5 percent (five-year fixing).

Consulting experts

For more details on the requirements and the process of availing a home loan, you can check out Metrobank’s website at www.metrobank.com.ph, or better yet, go to the nearest branch and talk to Metrobank financial experts to discuss your refinancing options.

Being financially smarter this new year will indeed be a tad easier as long as you have the right financial partner to get you the best deals possible.