New Way Mortgage, based in Sacramento, Calif., has recently adopted The Trade-In Mortgage powered by Calque. Through its engagement with Calque, New Way Mortgage empowers clients to leverage their home equity to purchase a new home before selling their current one, according to a press release.
The program offers convenience and negotiating advantages to borrowers searching for a new home while still owning an existing home.
Many residential purchasers can be disadvantaged when competing with investors and larger entities that can make all-cash offers. With The Trade-In Mortgage, New Way Mortgage allows homeowners to bid for the home with competitive, non-contingent offers without moving out and selling their current home first. Additionally, this program enables borrowers to qualify for their next home without including their current home in debt-to-income, resulting in better terms for their new loan.
“We are thrilled to work with Calque to offer a secure and compliant ‘buy-before-you-sell’ solution to our valued clients,” New Way Mortgage CEO Aaron Clowes said in the release. “Our shared goal is to improve financial wellness and achieve homeownership for our clients without any hassle throughout California. With our mortgage expertise and a guaranteed backup offer from Calque, we enable homebuyers to purchase their desired home with an easier process and less stress.”
Dan Mugge, the chief operating officer at Calque, expressed his excitement about partnering with New Way Mortgage, highlighting that with many homeowners emerging from the pandemic with record-high equity levels, this mortgage option provides a solution for borrowers in California facing challenges due to limited inventory and fierce competition to purchase a home.
“The opportunity to collaborate with New Way Mortgage to offer The Trade-In Mortgage is exciting because both our organizations are committed to making this process easier for consumers. Working with New Way Mortgage lets us help buyers seamlessly move from their existing home into their next home,” Mugge said.