Educator Mortgage offers two options for teachers who are looking to take equity out of their home. These two options are either a standard home equity loan as a second mortgage, or a cash-out refinance. The majority of teachers that we have helped recently who needed equity have taken the route of a cash-out refinance. The reason for this is that rates are current so low (the lowest they have been in many years), so it is advantageous to also refinance your current mortgage in order to get a lower rate and payment.
We offer teachers several cash out refinance programs to choose from including conventional, FHA, and USDA loans for those in rural areas. Educators who wish to cash out as much equity as possible typically opt for an FHA loan which allows a 85% loan-to-value ratio. This is the maximum LTV that any cash out lender in America offers.
To learn more about your options for taking equity out of your home, contact us today.