First Federal Bank Partners With Calque To Offer The Trade-In Mortgage
First Federal Bank, based in Twin Falls, Idaho, has engaged Calque, a company that enables traditional lenders to offer buy-before-you-sell programs, to launch The Trade-In Mortgage in Idaho. With The Trade-In Mortgage, First Federal Bank will give individuals the opportunity to leverage the equity in their home to purchase a new one, prior to selling their current home.
This unique approach provides convenience and a significant advantage to house-hunters who have an existing home, especially in the current market conditions. The mortgage industry has experienced some of the most volatile activity seen in years, marked by the highest interest rates in over a decade, as well as extreme bidding wars for properties.
In a competitive market with high interest rates and rising home prices, many residential purchasers can find themselves at a disadvantage, especially compared to investors and larger entities who can make all-cash offers. Through the relationship with Calque, First Federal Bank gives homeowners the ability to compete with all-cash offers, while avoiding bridge loans or having to move out before they sell their current home.
Additionally, The Trade-In Mortgage allows individuals to qualify for their next home and bypass their home debt-to-income ratio, resulting in better terms for their new loan.
“We are excited to announce our partnership with Calque, a strategic collaboration that allows us to provide a safe and compliant ‘buy-before-you-sell’ solution,” says Brenda K. Hughes, chief operating officer at First Federal Bank. “Together, we share a common vision of improving the financial wellness of individuals as well as helping them achieve their homeownership goals. By combining our mortgage expertise with their guaranteed backup offer, we are able to empower homebuyers, making it possible for them to buy the home they want and reduce a lot of the stress associated with the process.”
“The opportunity to collaborate with First Federal Bank and offer The Trade-In Mortgage is exciting for us,” said Dan Mugge, chief operating officer at Calque. “With home equity reaching record levels, The Trade-In Mortgage offers a solution for buyers struggling with limited inventory. Working with a leading community bank, like First Federal Bank, lets us help those same buyers to make a competitive cash offer in this housing market.”
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