Knock Makes Its Innovative Home Swap™ Financing Open For All Lenders & Agents


Share post:

Knock, the innovative fintech company, announced today that agents and consumers no longer have to choose between working with their local lender to get the benefits of buying a new home before listing their current house on the open market for top dollar (aka “Buy Now, Sell Later”). Now, any lender or agent has the ability to supercharge virtually any conventional or jumbo mortgage with a no-interest equity advance loan from Knock to receive the benefits of the Knock Home SwapTM.

By pairing the Knock Home Swap Equity Advancewith a purchase mortgage of their choice, homeowners have the certainty and convenience of working with the agent and lender of their choice to win their dream home and move on their timeline.

“Since 2015, our mission has been to empower people to move freely, and we have continued to raise the bar when it comes to making the process of buying and selling homes simple, certain and cost-effective,” said Knock Co-Founder and CEO Sean Black. “Many companies offer home loans, but no one else offers the Home Swap. By partnering with lenders, we are making it easier for consumers to get the benefits of leveraging the equity in their current house to buy their dream home without any of the hassles that typically come with buying and selling, including the ability to avoid moving twice and living through repairs and showings.”

Also Read: Accompaniments of AI in Financial Services

Based on the equity in their current house, a homeowner can use the Knock Home Swap Equity Advance to make a non-contingent offer on their new dream home before listing their old house. The certainty of a non-contingent offer often results in winning the home at a discount to list price and closing on a faster timeline.

Homeowners also can use the Knock Home Swap Equity Advance loan to:

  • Put up to a 30% down payment, buy down the mortgage rate and cover the closing costs on their new home.
  • Cover up to $35,000 in home prep costs so the existing house sells on the open market for top dollar.
  • Pay up to six months of mortgage payments on the old house.

As part of its Home Prep & Marketability Allowance, Knock provides access to its approved contractor network and manages the payment of all bills upon completion of work out of the homeowners’ equity. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn’t sell within six months. Ninety-one percent of Knock homes sell in 90 days or less.

To qualify for the Knock Home Swap Equity Advance the for-sale home must be located in one of the 75 markets in which Knock operates; the new home can be located anywhere in the U.S. The Knock Home Swap Equity Advance can be paired with most conventional and jumbo mortgages with the exception of FHA and VA home loans.

TalkFintech Bureau
TalkFintech Bureau
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.


Please enter your comment!
Please enter your name here


Related articles

Trading Technologies acquires ATEO to expand its post-trade solutions in global markets

Trading Technologies, a global capital markets technology company, has acquired ATEO SAS, a provider of post-trade solutions for...

Fiserv seeks to acquire Shift4 Payments – Reuters

According to Reuters, Fiserv is competing with Amadeus IT Group for the acquisition of payment processor Shift4 Payments. Shift4,...

Oliver Wyman announces acquisition of Innopay

Oliver Wyman, a management consulting firm and a Marsh McLennan business, has announced the completion of its acquisition...

How FinTech-Bank Partnership Can Redefine Digital Banking

As the digital payment ecosystem evolves, banks recognize the importance of partnering with FinTech companies. However, many of...