Calque and the Credit Union Trade-In Mortgage

calque credit union trade in mortgage with cu 2.0

Sometimes, a member wants to buy a new home. But before they can afford one, they need to sell their existing one. Their new mortgage is contingent on a home sale.

So, what does your credit union do?

There are a couple of options, usually starting with “nothing” and ending with “bridge loan.” But Calque is a fintech that offers a third, better option: a “trade-in mortgage.”

Learn how it works here.

A “Trade-Up” Mortgage Problem

So, let’s say a member needs to relocate for work. Or maybe it was a starter home. Maybe the family grew faster or larger than expected. Hey, maybe 1,600sf just started to feel cramped with two dogs.

Many homeowners decide to upgrade their housing at some point. Often, that means getting a new, larger mortgage than the last one.

The good news? Selling their existing home will help the buyer afford the new mortgage.

The bad news? Selling their existing home isn’t guaranteed.

Furthermore, home sellers are increasingly wary of contingency clauses that give buyers an out when their present home doesn’t sell. It’s one more reason why sellers prefer all-cash buyers.

“Trade-up” home buyers need a better option than losing to competing offers.

Introducing Calque, the “Trade-In” Mortgage Fintech

Calque makes home buying easier with a smarter alternative to bridge loans with their “trade in mortgage.” Here’s how it works:

  1. Borrowers fill out a 5-minute questionnaire;
  2. Calque sends a “purchase price guarantee” (PPG) within 3–5 business days. That PPG assures the buyer that if their house doesn’t sell within a specified timeframe (i.e. 120 days), Calque will buy it for a mutually agreed-upon price;
  3. Accepting the PPG enables lenders to pre-approve the buyer for a new mortgage without a home sale contingency.

Basically, if a trade-up buyer can’t sell their house, Calque will buy it. Either way, the buyer gets to move forward with a conventional loan on their new home. No bridge loans, no contingency clause, no hassle.

Calque believes that credit unions make ideal lending partners. They’re uniquely tuned into the needs and interests of their members, and they’re more likely to offer new lending options when traditional ones don’t quite work.

Furthermore, they’ve made set up simple, with no core interface required. Learn more here:

Additional Resources

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