Colorado-based mortgage and investment firm Platte River Mortgage & Investments has partnered with Calque to expand The Trade-In Mortgage in Colorado.
The Trade-In Mortgage is a loan option that gives borrowers the ability to use their home equity for purchasing another property prior to selling their present one.
Calque provides a guaranteed backup offer; with this in hand, Platte River Mortgage loan officers can write non-contingent financing on the new home and empower their borrowers to make a more significant down payment with a HELOC that does not count towards their debt-to-income ratio.
By tapping the equity in their homes before they sell, borrowers working with Platte River Mortgage can make non-contingent bids as good as cash offers that are more likely to secure their dream home.
The Colorado market is defined by high interest rates and rising home prices. Many home shoppers who already own a home and are looking for a new property must make contingent offers on the property they want.
Homebuyers that present an offer with contingencies find themselves at a disadvantage compared to investors and larger entities who can make all-cash bids.
With Calque, Platte River Mortgage can bring hard-working consumers back into the market when they use their equity to compete with all-cash offers without taking on the risk of a traditional bridge or moving out before they sell. Platte River Mortgage and Calque solve the problems with contingent bids by changing the lending process.
“Platte River Mortgage is committed to providing a full array of real estate and financial services, like The Trade-In Mortgage,” says Sean Sedita, partner and co-founder of Platte River Mortgage, in a release. “Working with Calque empowers us to provide buyers with confidence during home purchase negotiations. With The Trade-In Mortgage, buyers can use their accrued equity to purchase their next home, our borrowers appreciate the ingenuity we have provided with this product.”