Searchlight Lending Partners with Calque to Launch The Trade-In Mortgage
June 20 2024 - 1:00PM
Business Wire
—Searchlight Lending Borrowers Can Utilize
Current Home Equity to Acquire Their Next Property—
Searchlight Lending, a leading mortgage lender, is teaming up
with Calque to introduce The Trade-In Mortgage™ nationwide. This
innovative program allows homebuyers to leverage their home equity
for a new purchase before selling their current home. The Trade-In
Mortgage offers a hassle-free solution for homeowners who are
looking for a new home, enabling them to tap into their current
home equity to make same-as-cash offers on their next property.
In the current mortgage market, interest rates have surged and
there is limited supply, leading to fierce competition. Residential
buyers often find themselves at a disadvantage against investors
and real estate entities that can make all-cash offers. However,
through its strategic alliance with Calque, Searchlight Lending
levels the playing field and empowers homeowners to compete more
effectively with all-cash offers.
Traditionally, lenders have used bridge loans to bridge
homeowners from one house to the next, but many people aren’t able
to qualify for a new home with the mortgage on their original home
included in their debt-to-income ratio. With Searchlight Lending,
buyers can qualify for their next home without including their
existing home in their debt-to-income ratio, resulting in better
terms for their new loan. Furthermore, because Calque provides a
binding backup contract on the borrower’s home, there is a date by
which the house is guaranteed to sell.
“We decided to partner with Calque to offer The Trade-In
Mortgage for our customers,” said Searchlight Lending Founder and
CEO Chris Piro. “Our mortgage knowledge coupled with a guaranteed
backup offer from Calque empowers prospective homeowners to
purchase their dream homes with much less stress.”
Michael Bremer, CEO at Calque, explained the benefits of this
partnership, “Our collaboration with a top mortgage provider such
as Searchlight Lending enables us to connect more qualified buyers
with their next home while also creating opportunities for move-up
buyers to enter the market.”
About Searchlight Lending
Searchlight Lending is a boutique full service real estate
mortgage brokerage that specializes in finding the “Out of the Box”
financing solutions that many people have come to need during this
difficult and changing lending time. We pride ourselves on
communication and honesty and look forward to earning your
business. With over 7,500 loans originated and $7,000,000,000
funded, we have the conventional AND non-conventional funds for
your real estate and business needs.
About Calque
Calque partners with established community lenders to offer
mortgage lending solutions that make the home purchase process
simpler, less stressful, and more cost effective for homeowners.
Mortgage products such as The Trade-in Mortgage™ streamline the
entire home purchase process from start to finish by enabling
consumers to submit non-contingent offers that function like cash
offers, buy and move into their new home before selling their
current one, use the accrued equity on their existing home to
increase their down payment and reduce their monthly payments, prep
their original home for sale after they’ve moved out, and stress
less during the process.
Calque does not compete with lenders, but only utilizes
best-in-class, FDIC-insured banks, credit unions, and mortgage
banks in every state across the country. To learn more about
Calque, visit http://calqueinc.com.
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Alyson Austin 949-403-0484 alyson@gaffneyaustin.com