Touted as sooner and extra reasonably priced, Calque’s new “Contingency Buster” product is tailor-made to owners who don’t must faucet their fairness when shopping for their subsequent residence, executives say.
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Calque — a fast-growing fintech that companions with lenders to supply “buy before you sell” providers — has rolled out a “light” model of its flagship providing that’s tailor-made for owners who don’t must faucet their fairness when shopping for their subsequent residence.
Austin, Texas-based Calque has been signing up lenders at a speedy clip to supply its flagship product, “The Trade-In Mortgage,” which permits homebuyers to make use of a bridge mortgage or HELOC to faucet their fairness for a down cost on their subsequent residence.
The brand new “Contingency Buster” providing is a sooner and extra reasonably priced answer for owners who’ve already saved up for a down cost, the corporate mentioned Tuesday.
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Calque isn’t a lender, however offers a purchase order value assure that covers the present mortgage steadiness and permits owners to make non-contingent affords when buying and selling up or down.
Each The Commerce-In Mortgage and Contingency Buster take away the client’s month-to-month mortgage funds on their present residence from the debt-to-income (DTI) calculation, making it simpler to qualify for a much bigger mortgage.
If consumers don’t must faucet the fairness on their current residence, Calque can cost a decrease payment for offering the acquisition value assure on the Contingency Buster product.
The Contingency Buster additionally offers an expedited 48-hour approval course of with a binding supply after a “virtual walk-through” of the property. If accepted, owners have as much as 150 days to promote their residence on the open market.
“Calque’s flagship program, The Trade-In Mortgage, was created for homeowners who want to tap their current home equity before they sell to make a bigger down payment, pay off debt, or increase cash reserves,” Calque mentioned in asserting the brand new product. “Over the years, Calque saw a growing market opportunity for a lighter ‘buy before you sell’ product that does not need to accommodate a second mortgage because many borrowers have enough cash on hand to make a down payment on their new home.”
Based in 2020 by Talroo govt Jeremy Foster, Calque appointed Michael Bremer, a former CoreLogic govt, as CEO in March.
Michael Bremer
“With the introduction of the Contingency Buster, we are elevating our commitment to providing faster, more cost-effective options that pave the way for seamless homebuying and selling experiences,” Bremer mentioned in a press release.
Calque’s rivals within the money supply and energy purchaser enterprise embody Flyhomes, Knock, Ribbon and HomeLight — which this week introduced it had landed $20 million in new fairness funding and expanded its flagship “Buy Before You Sell” product to 40 new states.
Lender partnerships Calque has introduced this 12 months embody:
- APEX Mortgage Group (Atlanta)
- Aslan Residence Lending Corp. (Denver)
- Augusta Mortgage Firm (Augusta, Georgia)
- C2 Monetary (San Diego)
- Cornerstone First Mortgage (San Diego)
- EMM Loans (Cherry Hill, New Jersey)
- GVC Mortgage Inc. divisions Fancher Mortgage Group and Jones Mortage Group (Pendleton, Indiana)
- Haus Capital Corp. (Rochester, New York)
- HMA Mortgage (Pittsburgh)
- Mortgage Belief (Portland, Oregon)
- Platte River Mortgage Companions (Lakewood, Colorado)
- Sammamish Mortgage (Bellevue, Washington)
- Searchlight Lending ( San Rafael, California)
- Principle Mortgage (Portland, Oregon) and
- Waymaker Mortgage Firm (Austin, Texas)
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