CalSTRS Refinances Increase as Interest Rates Drop Says Broadview Mortgage Long Beach

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Broadview Mortgage Long Beach has reported an increase in applications from educators seeking to refinance their teacher loans.

Broadview Mortgage Long Beach, a California direct lender, is reporting an increase of refinance applications from CalSTRS 80/17 loan holders.

"With interest rates still low, many teachers are calling us asking if it’s possible to eliminate the pending payment on their second mortgage. The answer is yes," says Scott Schang, a branch manager.

The CalSTRS 80/17 was a teacher home loan benefit program that was suspended in 2010 and recently eliminated completely by the California Teachers Retirement System (CalSTRS).

In a statement released by the pension system, CalSTRS members were encouraged to seek competitive alternatives to the popular home loan program. Broadview Mortgage Long Beach has released a list of programs that can offer educators assistance in buying their new home.

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