How it works!
This section is all about most commonly asked questions regarding the HomeSwap Program! Don’t forget to reach out to your Knock Certified Agent to get more detailed information!
How does the Knock Home Swap work?
The Knock Home Swap™ empowers you to buy your new home prior to selling your old house on the market for maximum value. Here’s how it works:
- We’ll get you fully underwritten for a new home loan with Knock including a down payment advance so you can start making offers fast.
- Put down a winning offer on your dream home with no sales contingency, and move in right away. You’ll pay your new mortgage and Knock will pay your old mortgage with the Knock Equity Advance for up to 6 months.
- We’ll advance up to $25,000 to get your old house ready for listing on the open market so it sells fast and for top dollar. When your house sells, you simply pay Knock back for the loan provided. It’s that simple!
How does the down payment advance, home prep money, and old mortgage coverage work?
In addition to the conventional loan on your new home, Knock qualifies you for and provides a bridge-like loan, that we call the Knock Equity Advance, to you. This equity advance is an interest-free loan that allows you to access the equity in your existing house now, before you sell, so you can buy your new home.
Do I have to make two mortgage payments?
You’ll pay the mortgage on your new home, immediately building equity, and Knock will pay your old mortgage with the Knock Equity Advance for up to 6 months.
What are the fees associated with the program?
For all of the convenience and certainty offered with the Home Swap, Knock charges a 1.25% convenience fee on the purchase of your new home. You can either pay this at closing or roll this into your equity advance. This convenience fee is similar to an origination fee, which many lenders charge.
This is just Knock’s fee for the loan and is not inclusive of real estate fees charged by your agent, or closing costs.
How to get started!
Getting started is easy as pie!!! Just follow the steps below, you’ll see how easy it is!
- Reach out to me! You can schedule your appointment by clicking the date that is available for you below!
- We’ll meet over zoom or in person and discuss the program and see if it works for your needs, if not, no sweat! Some people prefer a more traditional method and I’m more than happy to help there too!
- I will gather some basic information about the property, and your needs and begin preparing properties to start showing you. At your appointment we will discuss financing options that work for your individual situation and we’ll develop our game plan!
- We’ll begin the home search or the listing process
- Start work!
Contact us today!
Alex Stroud, Realtor