Comments on: Refinancing Loan Using Home Mortgage

By: Tyrone

Tyrone — Thu, 07 May 2009 23:47:16 +0000

Hi Jane, I am really not sure also about your situation. I visited the website of Pag-Ibig and based on their most recent circular, a loan from Pag-Ibig may be used to refinance an existing mortgage with an institution acceptable to the Fund provided that:
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a. The loan is not default within twelve months prior to date of application.
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b. Said loan has a repayment history of at least two (2) years with the original mortgagee.
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I don’t know if this condition is an “if and only if”, that means, you as a borrower must satisfy BOTH. In your case, I believe that you did not satisfy the first condition because your loan has already defaulted since it is already under redemption. But may I ask you for the second condition: Do you have repayment history of at least two (2) years with the commercial bank?
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In any case, you can directly call Pag Ibig Hotline at 724-4244 and connect to their loans department or servicing department. Or you can try texting your questions at 2990PAGIBIG (that’s 2990-7244244) for Globe and 09178922990 for Smart & Talk N Text.
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Further, I would refer you to the circular I have mentioned above.
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Here is the link: http://www.pagibigfund.gov.ph/pop/hl/HDMF%20Circular%20247.pdf

By: jane garcia

jane garcia — Thu, 07 May 2009 16:42:30 +0000

greetings in gods grace..our house was under foreclosure at a commercial bnk due to the crisis that were facing now we got really affected.it was under the redemption period now.i wanted to know if we can have the chance at the pag-ibig fund to help us refinance our house because i heard they were offering the lowest rate right now in the industry of home mortgage loans.was it posible?

By: Dinah

Dinah — Tue, 21 Apr 2009 05:04:35 +0000

I am thinking of getting another Pag-ibig loan for home improvement. The house is currently under pag ibig loan as well. i think the interest rate is fixed so i dont have to worry that much. my problem then would be the monthly amort for the two loans. am i on the right track?