"The financing option pays off the homeowner's existing mortgage upfront, eliminating double mortgage payments and allowing buyers to unlock more purchasing power. According to a company press release, by paying off their current mortgage, homeowners can release the equity they have tied up in their current home while eliminating their monthly mortgage payment as they try to qualify for a mortgage on their new home."
"The Knock Bridge Loan Plus gives homeowners more financial breathing room, more choice in lenders and a faster path to their next home, Sean Black, the co-founder and CEO of Knock, said in a statement. It embodies our mission to put consumers first by removing friction and complexity from the homebuying process while empowering our partners to serve more buyers with less hassle."
Knock's Bridge Loan Plus pays off a homeowner's existing mortgage upfront, eliminating double mortgage payments and unlocking greater purchasing power. By eliminating the monthly mortgage payment, homeowners can release tied-up equity while trying to qualify for a mortgage on a new home. The product provides more financial breathing room, lender choice, and a faster path to moving. The offering builds on a $100 million bond issuance that unlocked $900 million in new lending capacity, enabling more cash upfront and a wider range of loan programs. Knock products operate in 25 states and D.C., with a maximum bridge loan increased to $1 million.
Read at www.housingwire.com
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