This year, Calque is working with some big names like C2 Financial and Cornerstone First Mortgage, as well as some smaller ones like Theory Mortgage in Portland, Oregon.
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Mortgage rates may be falling from their 2024 highs, but that’s not stopping Calque from launching a “trade-in mortgage” that allows homeowners to tap into their existing equity for a larger down payment and make an offer on their next home before selling. Non-contingent offers – Oregon and other new markets.
Not to be confused with assumable mortgages, which allow buyers to “roll back the clock” by taking over the seller’s FHA, VA or USDA mortgage at yesterday’s rates, Calque claims its “buy now, sell later” product is better than its competitors Cost effective iBuyer and Super Buyer models.
In addition to the Trade-In Mortgage, which helps existing homeowners avoid private mortgage insurance by putting down at least 20%, Calque also offers the Advance Mortgage, a program for people who already have enough savings for their mortgage. Homeowners who have a down payment but want to buy their next home before selling make a non-conditional offer.
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Calque says its process – working with local lenders to provide customers with a purchase mortgage on their next home while providing a guaranteed backup offer on their existing home – is more efficient because the backup offer is rarely needed , and customers don’t have to change hands twice when buying a house.
This year, Calque is working with some big names, including C2 Financial and Cornerstone First Mortgage, as well as smaller businesses like APEX Mortgage Group (Atlanta), Aslan Home Lending Corp. (Denver), Augusta Mortgage Company (Augusta, Ga.), Haus and more .
Calque’s newest partner announced Tuesday — Portland, Ore.-based Theory Mortgage — falls into the latter category. Thrive Lending LLC, “doing business as” Theory Mortgage, is owned by Brian DuVal and sponsors three mortgage loan originators, according to records maintained by the National Mortgage Licensing System and Registry.
Brian Duvall
“Trade-in mortgages offer customers an innovative lending option that leverages significant equity in their current home to alleviate the stress of purchasing their next home,” Duvall said in a statement. “In effect, using equity as leverage Coming to buy a home is just as beneficial as buying with cash.”
In addition to allowing homeowners who want to trade-in to make a non-contingency offer on their next home, a trade-in mortgage will also remove their current home from the debt-to-income (DTI) calculation when underwriting the purchase loan for their next home.
This can help borrowers get better interest rates and avoid having to buy private mortgage insurance required by Fannie Mae and Freddie Mac when buyers put less than 20% down.
Michael Bremer
“Despite soaring interest rates, homeowners who need to move can leverage their accrued equity to get the best mortgage for their future property,” Calque CEO Michael Bremer said in a statement. “Trade-in mortgages can provide the best mortgage for Oregon of homeowners who might otherwise avoid making the right move for their families because of the economic climate.”
Calque was founded in 2020 by Talroo executive Jeremy Foster and appointed former CoreLogic executive Bremer as CEO in March.
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