Georgia-based Augusta Mortgage Company is the latest lender to partner with Calque in launching The Trade-In Mortgage, a buy-before-you-sell program that allows borrowers to leverage their home equity to purchase a new home before selling their old one.
The Trade-In Mortgage provides customers with convenience and a major bidding advantage given low housing inventory and stubbornly high home prices by allowing them to submit non-contingent offers, Calque says in a release.
By offering The Trade-In Mortgage, Augusta Mortgage can empower its customers to reach their dreams of a new home. The product gives buyers who currently own a home to qualify for their next home with a lower debt-to-income ratio and secure better terms.
Taken together, this feature allows simultaneous buyers to have the peace of mind of a backup offer and the leverage they need to make more attractive offers.
The Trade-In Mortgage helps homebuyers who find themselves at a disadvantage compared to investors and larger entities who can make all-cash bids.
“The opportunity to collaborate with a local leader like Augusta Mortgage and offer The Trade-In Mortgage is exciting for us,” says Dan Mugge, chief operating officer at Calque, in the release. “With home equity reaching record levels, The Trade-In Mortgage offers a solution for buyers struggling with limited inventory and crowded markets. Working with a community-minded leader like Augusta Mortgage helps us empower real people to meet their dreams and showcase how Calque can help local lending experts across the nation empower their buyers in this housing market.”
