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Knock expands bridge loan services into Texas for move-before-sale buys
The program can cover down payments, debt repayment, sale preparations, and up to six months of mortgage payments, and it removes the current home from new mortgage qualification calculations.
Knock has expanded its Bridge Loan services into Texas, aiming to help eligible homeowners buy their next property before selling their current home. The real estate technology company said the approach lets borrowers use home equity from their existing property to fund the purchase while their current home is still on the market.
Knock said its bridge loans can be used for down payments, debt repayment, sale preparations, and mortgage payments for up to six months. It also said the program can remove the current home from the calculations used to qualify for the new mortgage, which it frames as a way to increase purchasing power and support non-contingent offers.
HousingWire reports that Knock designed the product to serve borrowers with substantial equity who may be constrained by the mortgage on their current home. For lenders and real estate professionals, Knock said the program supports clients making offers without a home-sale contingency and moving on their own timeline.
The Texas expansion brings Knock’s footprint to 32 states and Washington, D.C. HousingWire noted that earlier this year, Knock also expanded into Delaware, South Dakota, Louisiana, Iowa, and Wyoming, plus additional high-cost counties in Colorado, Maryland, New Jersey, and Tennessee.