Mr Lee Posted May 18, 2011 Posted May 18, 2011 Wallaby's post has been move to HERE so it can be discussed in full without taking this topic in a different direction. Link to comment Share on other sites More sharing options...
United Army Posted May 22, 2011 Author Posted May 22, 2011 This is sort of funny, but we moved into our Talisay townhouse Jan this year, got a bank loan with BPI. As of today we have not had to pay any type of mortgage yet, it seems like they are still processing our paper work, title, etc., is this normal for a bank to take this long? I would be sure to get something in writing that you are not supposed to be paying because if not, then they can foreclose on you and say they sent you notices and you never responded. There could be many reasons for what is happening but speculating will only cause you anxiety, so I will not go there. If I remember correctly, you told me they will withdraw it from your account, so just keep funding that account and still try to get it in writing why it is taking so long. As for is it normal, not from what I have seen and heard but this is the Philippines where anything is possible. My guess is they will make you pay it all at one time once they get it all worked out, but I would want to have proof that I at least tried to pay such as deposits and a letter from them. That's par for the course for BPI, but they are a reputable bank! I have a 12 yr mortgage home loan with BPI and have 3 yrs more yrs to pay on it or I can pay it off in 4 months lump sum since it is now a small amount! Just keep in constant communication who handled your loan application and after signing of all the documents! I have auto monthly debit of my monthly mortgage payment from my BPI peso checking account, I just make the account has sufficient funds every month! I have paid all of the interest on the load and now my monthly payments is being debited from the principle unpaid balance, no more interest to pay! I have been talking with the developer here and this is normal for some reason, it might be at the end of the year the banks have a quote to meet, and then a backlog starts. I have a savings account with BPI, they asked me to get this set up so they can withdraw my mortgage, after the papers are done. I got this savings account set up back in Dec 2010 and so far no withdrawal for my mortgage. The bank also told me that when my papers are done, I will have to go the bank, sign papers again, pay 7,000P for fire insurance and get life insurance set up with them, all of which have not been done yet and then they will start taking my mortgage from my saving account the next month. I sort of think that in July I will have my first mortgage payment. Link to comment Share on other sites More sharing options...
Art2ro Posted May 22, 2011 Posted May 22, 2011 (edited) Here was our situation, when we moved in to our new home, a shell of a house with nothing yet finished except for the master bedroom and kitchen, we didn't have any mortgage, HOA dues, property tax, water or electric bills for almost 2 years, because we didn't yet have an Association, the bank was slow to process our paperwork and no calibrated meters were yet available, so our electricity and water was tapped into their perimeter grid, maybe our mortgage loan not that long, but at least 6 months since it was auto debited from our account! We saved a lot of money in 2 years and none of them even asked for any money back! It also took 4 years to get a phone line, internet and cable TV in our subdivision! But all is well now and we love where we are living, because everything is centrally located for our convenience! Edited May 22, 2011 by Art2ro Link to comment Share on other sites More sharing options...
United Army Posted May 22, 2011 Author Posted May 22, 2011 Here was our situation, when we moved in to our new home, a shell of a house with nothing yet finished except for the master bedroom and kitchen, we didn't have any mortgage, HOA dues, property tax, water or electric bills for almost 2 years, because we didn't yet have an Association, the bank was slow to process our paperwork and no calibrated meters were yet available, so our electricity and water was tapped into their perimeter grid, maybe our mortgage loan not that long, but at least 6 months since it was auto debited from our account! We saved a lot of money in 2 years and none of them even asked for any money back! It also took 4 years to get a phone line, internet and cable TV in our subdivision! But all is well now and we love where we are living, because everything is centrally located for our convenience! Yes its kind of nice not to have a mortgage payment or rent payment now for 5 months, to bad it can't go on forever. We are trying to save some of that money or make improvements to our townhouse that I feel are needed. Life is good... Link to comment Share on other sites More sharing options...
Fast&Furious Posted June 10, 2011 Posted June 10, 2011 If anyone is interested here is my new townhouse, I'll be moving in this Friday. http://www.facebook....id=247021002000Just click on next on the top right hand corner for more pics. Furniture not included.why so expensive? Link to comment Share on other sites More sharing options...
Mr Lee Posted June 10, 2011 Posted June 10, 2011 If anyone is interested here is my new townhouse, I'll be moving in this Friday. http://www.facebook....id=247021002000Just click on next on the top right hand corner for more pics. Furniture not included.why so expensive? I am sure UA will answer you but the simple answer is because prices in Cebu are over inflated IMO, so you either pay them, or rent, or wait for a price correction, and hope it comes. My wife and I were invited to their home and it has a lot of extras that do not come with the usual stripped down places one usually finds being sold, so you get what you pay for, and IMO their place is very nice and the extras tend to make it worth more than a lot of other not as nice places we have seen for not much less of a price. Most of the builders believe in price fixing, or monkey see monkey do, so we find the per square meter price is similar in most places you go, unless the place is a prime location, then of course it will cost even more. Link to comment Share on other sites More sharing options...
United Army Posted June 11, 2011 Author Posted June 11, 2011 If anyone is interested here is my new townhouse, I'll be moving in this Friday. http://www.facebook....id=247021002000Just click on next on the top right hand corner for more pics. Furniture not included.why so expensive?Why so expensive? I guess it depends on what your looking for in a place to live, to call your home. We looked at around 15-20 houses or townhouses before we decided to buy this one in Talisay. It was by far the best in my opinion and sort of reminds me of how they build homes back in the US. The townhomes now are 4.2 million and the houses run between 6.2 and 7 million in this subdivision, which is a new subdivision with construction still going on. Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted June 11, 2011 Forum Support Posted June 11, 2011 why so expensive? Not to be hyper critical but your question could be taken in a derogatory manor. IMO the price is reasonable but I’m not an expert. If you are interested in the property perhaps you would be better served asking about the location, build quality and other features. You may not know about the housing market in Philippines. It differs from many other places. Prices in some cases are silly expensive simply because the seller expects to have it bargained down. Often times it is too high because it is held by a number of family members from a departed parent and they are unable to cooperate as a group to a realistic price. If you are well informed perhaps you could enlighten us your comment? Link to comment Share on other sites More sharing options...
Art2ro Posted June 11, 2011 Posted June 11, 2011 It's expensive in Cebu and other places because foreigners made it that way! In 1999, we only paid P2.5 million for our little home and now to buy the same home such as ours, it will now cost P5 to P7 million, because foreigners and U.S. retirees invaded our region too! One would think when the global recession started, a lot of things would drop in cost or value, but here in the Philippines it didn't! Why is that? Because of the presence of foreigners flocking and gathering here and spending a great deal of their money into the Philippines economy, but now we are all getting less for our money because of the elite greedy money grubbers and scammers who can stick it to us all without conscience! Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted June 11, 2011 Forum Support Posted June 11, 2011 It's expensive in Cebu and other places because foreigners made it that way! In 1999, we only paid P2.5 million for our little home and now to buy the same home such as ours, it will now cost P5 to P7 million, because foreigners and U.S. retirees invaded our region too! One would think when the global recession started, a lot of things would drop in cost or value, but here in the Philippines it didn't! Why is that? Because of the presence of foreigners flocking and gathering here and spending a great deal of their money into the Philippines economy, but now we are all getting less for our money because of the elite greedy money grubbers and scammers who can stick it to us all without conscience! What no................. Balikbayan's?:whistling: Link to comment Share on other sites More sharing options...
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