—Customers Are Able to Utilize Existing Home Equity for the Purchase of Next Property Prior To Selling—

First Federal Bank, based in Twin Falls, Idaho, has engaged Calque, the leader in enabling traditional lenders to offer buy-before-you-sell programs, to launch The Trade-In Mortgage^™ in Idaho. With The Trade-In Mortgage, First Federal Bank will give individuals the opportunity to leverage the equity in their home to purchase a new one, prior to selling their current home. This unique approach provides convenience and a significant advantage to house-hunters who have an existing home, especially in the current market conditions. The mortgage industry has experienced some of the most volatile activity seen in years, marked by the highest interest rates in over a decade, as well as extreme bidding wars for properties.

In a competitive market with high interest rates and rising home prices, many residential purchasers can find themselves at a disadvantage, especially compared to investors and larger entities who can make all-cash offers. Through the relationship with Calque, First Federal Bank gives homeowners the ability to compete with all-cash offers, while avoiding bridge loans or having to move out before they sell their current home. Additionally, The Trade-In Mortgage allows individuals to qualify for their next home and bypass their home debt-to-income ratio, resulting in better terms for their new loan.

“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,” says Brenda K. Hughes, chief operating officer at First Federal Bank. “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.”

“The opportunity to collaborate with First Federal Bank and offer The Trade-In Mortgage is exciting for us,” said Dan Mugge, chief operating officer at Calque. "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.”

About First Federal Bank

First Federal Bank is Idaho’s only mutual bank with more than $1.3 billion in assets. It has served Idaho for over 100 years and has 13 branches located throughout the Magic and Treasure Valleys. First Federal provides businesses and retail customers with local access to premier financial services and solutions including personal banking, business banking, lending, and wealth management. As a leading community bank, First Federal team members serve on numerous boards and committees of non-profits and civic organizations as well as take part in a wide range of community improvement initiatives and philanthropic efforts. In addition, the First Federal Foundation has donated over $1.4 million to local causes since its inception in 2003.

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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