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Calque — a fast-growing fintech that partners with lenders to offer “buy before you sell” services — has rolled out a “light” version of its flagship offering that’s tailored for homeowners who don’t need to tap their equity when buying their next home.
Austin, Texas-based Calque has been signing up lenders at a rapid clip to offer its flagship product, “The Trade-In Mortgage,” which allows homebuyers to use a bridge loan or HELOC to tap their equity for a down payment on their next home.
The new “Contingency Buster” offering is a faster and more affordable solution for homeowners who have already saved up for a down payment, the company said Tuesday.
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Calque isn’t a lender, but provides a purchase price guarantee that covers the existing mortgage balance and allows homeowners to make non-contingent offers when trading up or down.
Both The Trade-In Mortgage and Contingency Buster remove the buyer’s monthly mortgage payments on their current residence from the debt-to-income (DTI) calculation, making it easier to qualify for a bigger loan.
If buyers don’t need to tap the equity on their existing home, Calque can charge a lower fee for providing the purchase price guarantee on the Contingency Buster product.
The Contingency Buster also provides an expedited 48-hour approval process with a binding offer after a “virtual walk-through” of the property. If accepted, homeowners have up to 150 days to sell their home 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 said in announcing the 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.”
Founded in 2020 by Talroo executive Jeremy Foster, Calque appointed Michael Bremer, a former CoreLogic executive, 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 said in a statement.
Calque’s competitors in the cash offer and power buyer business include Flyhomes, Knock, Ribbon and HomeLight — which this week announced it had landed $20 million in new equity funding and expanded its flagship “Buy Before You Sell” product to 40 new states.
Lender partnerships Calque has announced this year include:
- APEX Mortgage Group (Atlanta)
- Aslan Home Lending Corp. (Denver)
- Augusta Mortgage Company (Augusta, Georgia)
- C2 Financial (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 Trust (Portland, Oregon)
- Platte River Mortgage Partners (Lakewood, Colorado)
- Sammamish Mortgage (Bellevue, Washington)
- Searchlight Lending ( San Rafael, California)
- Theory Mortgage (Portland, Oregon) and
- Waymaker Mortgage Company (Austin, Texas)
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