Ruoff Mortgage is working with Calque on the ‘buy before you sell’ offer
Indiana-based lender Ruoff mortgage is taking a step designed to help more homeowners move into a new home with ease.
Ruoff Mortgage partners with fintech company Calque to offer two ‘buy before you sell’ programs to customers. The Trade-In Mortgage and the Contingency Buster will be available to Ruoff Mortgage borrowers through the company’s online platform and mobile app.
The Trade-in Mortgage – Calque’s most popular program – works in the same way as trading in a vehicle. Sellers can tap into their current home equity in an effort to purchase another property without having to pay cash for a down payment. Buyers only need to prepare their current home for sale after they move into the new home. Calque also offers buyers a guaranteed offer on their current home to reduce risk.
“It is quite common for our clients to face challenges selling their current home before purchasing a new home,” said Clint Morgan, CEO of Ruoff Mortgage, in a statement. “We have partnered with Calque to provide these customers with better options, including the ability to immediately close on a new home before putting their current home on the market.”
Calque launched the Contingency Buster in August. The product uses a Purchase Price Guarantee (PPG) to eliminate the need for a sales contingency: a real estate purchase agreement that makes the sale of a property dependent on the buyer’s ability to sell their current home.
In other words, if a buyer can sell their home within a certain timeline, the contingency is met and the buyer can purchase the property. But the PPG serves as a backup contract that obligates Calque to buy the house at an agreed price if they cannot sell it within 150 days. The process takes just 48 hours, after the buyer has completed a virtual appraisal with Calque.
“Ruoff Mortgage has been a trusted name in the industry for decades, and their commitment to customer success aligns perfectly with our vision at Calque,” Calque CEO Michael Bremer said in a statement. “Together we are changing the way people think about home financing by offering solutions that work for real people in real markets.”
Calque was launched in 2021 to provide lenders with solutions that simplify the home purchasing process for potential homeowners. It is one of many companies including Flying houses, HomeLight And Knock – to offer buy-before-you-sell solutions as mortgage rates and house prices rise.
Ruoff Mortgage is a regional lender with more than 650 employees and more than 60 offices in Florida, Indiana, Kentucky, Michigan and Ohio.
