Program offers a solution for buyers struggling with limited inventory
First Federal Bank has teamed up with Calque to offer The Trade-In Mortgage, a buy-before-you-sell program, in Idaho.
The Trade-In Mortgage enables homeowners to purchase a new home by leveraging the equity in their current residence before selling it. The program is designed to level the playing field for homebuyers competing against cash offers and larger buyers in a market fraught with high-interest rates and escalating property values.
“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,” Brenda Hughes, chief operating officer at First Federal Bank, said in a press release. “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.”
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“The opportunity to collaborate with First Federal Bank and offer The Trade-In Mortgage is exciting for us,” Calque chief operating officer Dan Mugge added. “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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