Augusta Mortgage Co., a provider of end-to-end mortgage solutions, recently partnered with Calque to launch The Trade-In Mortgage in Georgia. Augusta Mortgage now offers a buy-before-you-sell program to empower borrowers to leverage their home equity to purchase a new home before selling their old one, according to a press release.
This provides customers with convenience and a major bidding advantage given low housing inventory and high home prices by allowing them to submit non-contingent offers.
Now, Augusta Mortgage can provide better loan solutions to buyers who currently own a home, enabling these buyers to qualify for their next home with a lower debt-to-income ratio and secure better terms. Taken together, this feature allows simultaneous buyers to have the peace of mind of a backup offer and the leverage they need to make more attractive offers.
In a competitive market, many retail purchasers who already own a home can find themselves at a disadvantage compared with investors and larger entities who can make all-cash bids.
“With constantly increasing home values, our partnership with Calque allows us to help our customers get into their new home,” Augusta Mortgage Co. President Kevin McDougal said in the release. “Buyers can now access the equity from their current home up front and use it in the way that is most advantageous for them. Just as importantly, they will more easily meet the debt-to-income requirements of their new purchase and can get their purchase offer accepted because there is no contingency for selling their home.”
With Calque, Augusta Mortgage empowers homeowners and consumers to use their equity to level the playing field and compete and win their bids without bridge loans or moving out before they sell.
“The opportunity to collaborate with a local leader like Augusta Mortgage and offer The Trade-In Mortgage is exciting for us,” Calque Chief Operating Officer Dan Mugge said. “With home equity reaching record levels, The Trade-In Mortgage offers a solution for buyers struggling with limited inventory and crowded markets. Working with a community-minded leader like Augusta Mortgage helps us empower real people to meet their dreams and showcase how Calque can help local lending experts across the nation empower their buyers in this housing market.”