Key facts
- Knock has launched its bridge loan services in Texas.
- The service enables homeowners to use equity from their current home for down payments, debt repayment, and mortgage payments on a new property.
- By excluding the existing home from mortgage qualification, the program aims to increase buyers' purchasing power.
- Knock's bridge loan service is now available in 32 states and Washington, D.C.
Knock has expanded its bridge loan services into Texas, providing homeowners with a new method to utilize their existing home equity when purchasing a new property before selling their current one. The real estate technology company's program is designed to assist qualifying homeowners by allowing them to use equity from their existing home for purposes such as down payments, paying off debts, preparing the home for sale, and covering mortgage payments for up to six months.
By excluding the current home from the new mortgage qualification process, Knock's Bridge Loan aims to enhance the purchasing power of qualified buyers, enabling them to make non-contingent offers. Knock co-founder and CEO Sean Black stated that the expansion allows Texas homeowners to leverage their increased home equity for their next move, offering flexibility and making their offers more competitive.