—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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240620792084/en/
Contacts
Alyson Austin
949-403-0484
alyson@gaffneyaustin.com
