Hello, it’s Robert Ratcliffe. I’ve decided I want to pursue an airline career through ATP (see my previous post for my personal background - PPL, 150 hr TT, bachelor’s in EE) Right now, since I own a house, I’m thinking the best way to finance flight school is utilizing my home equity - either through selling the house or refinancing to both lower my monthly payment and borrow the funds for school via the new mortgage. When you subtract what I owe on my home (I’ve had a 15 year loan on it for 2 1/2 years) from its estimated value (by comparable estimates), I could most likely get enough money to pay tuition at ATP from a sale or refinancing. We would move into a local apartment if we sold the home - the home is in Ogden, UT. Therefore, ATP’s Ogden location is my first choice for learning and instructing.
From a pilot’s perspective, considering any possibility of having to relocate for either an instructor job at ATP or future airline career, would it seem more advantageous to sell the home, cash out, be virtually debt free, and rent an apartment; or keep the home, continue building equity, and effectively borrow tuition costs against its accrued equity? The monthly costs of either with all bills added together will be pretty much the same by my estimates so far.
I understand I may be temporarily reassigned during my instructor job, on the order of several months or so, therefore my wife would stay behind in northern UT for the sake of her job and it not being worthwhile to relocate for such a short time, especially if ATP instructor housing is for instructors only. Our concern is what if I have to relocate for longer than several months for either an instructor job or my first regional carrier job; and she’s stuck with the house? But if we’re in an apartment we’d have to buy out the remaining lease or sublet. I realize the housing market is impossible to predict, but what are a pilot’s thoughts on the matter? Thank you very much!