Addition of jumbo loans allows more home shoppers to compete with cash buyers as they race to close amid rising interest rates
Knock, the fast-growing fintech company that makes all homebuyers Power Buyers, announced that Seattle area homebuyers can now compete with the certainty of cash to buy their dream home. Effective immediately, existing homeowners can use the Knock Home Swap to buy before they sell and first-time buyers can take advantage of Knock GO™ to remove the stress of buying a home in today’s competitive market. The company also announced the addition of jumbo loans to its product portfolio.
With today’s launch in the Seattle–Tacoma–Bellevue, Bellingham, Mount Vernon–Anacortes, Bremerton–Silverdale–Port Orchard and Olympia–Lacey–Tumwater metropolitan areas, Knock’s innovative home loan solutions, including jumbo loans, are available in a total of 75 markets in 15 states nationwide.
“With buyers vying for a record low-number of homes available for sale and prices continuing to accelerate, it’s more important than ever to position yourself to win,” said Knock Co-Founder and CEO Sean Black. “Our innovative home loan solutions make all buyers competitive with cash buyers and eliminate the common pain points such as timing a sale with a purchase and living through repairs and showings that make it harder than it needs to buy and sell a home. Now, with the addition of jumbo loans, we can help more people achieve their homeownership goals.”
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For buyers who have a home to sell, the Knock Home Swap1 provides 100% of the money necessary to buy a new home before listing the old house. This includes a competitively priced mortgage and an interest-free equity advance loan, which covers the down payment on the new home, home prep and up to six months of mortgage payments on the old house. Home Swap customers are able to sell the old house on the open market for the maximum sale price after they’ve moved into their new home, avoiding the hassle of living through repairs or showings. Knock also provides a 30-day closing guarantee,2, Home Prep Concierge and backup offer on the old house in the unlikely event that it doesn’t sell within six months. More than 98% of Knock homes sell in 90 days or less, with 90% selling in 30 days or less.
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Knock GO™1,3 empowers first-time buyers and others who don’t have a home to sell to make an offer that’s competitive with cash. In addition to a competitively priced conventional mortgage, Knock GO™ offers a closing guarantee at no additional cost, giving buyers and their agents the ability to make an offer that will stand out from other offers.
Qualifying buyers can use the Knock Home Swap and Knock GO™ for home loans of up to $3 million. The addition of jumbo loans expands the limit of qualifying Knock Home Swap listings to $2 million in Seattle and Southern California and up to $1 million in the other markets Knock operates throughout the country.
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