Nook offers benefits for easy home buying

Proptech startup Knock her out. It is introducing two new benefits that allow homeowners to use the equity gains in their existing property to make buying another home more affordable.

Knock her out. Home exchange It offers “competitively priced loans” and extends 100% financing that allows people to buy a home before selling their current home. The new features now include an interest-free home equity advance, which homebuyers can use to pay down mortgage rates as low as 0.75 percent.

The startup is offering those who qualify for Knock Home Swap the option to pay up to 30% down payment, which will reduce monthly payments on another home by one-eighth of a percentage point. press release Tuesday (August 2).

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“With mortgage rates doubling since the beginning of the year and home prices continuing to rise in double digits, buying a home has become more expensive. At the same time, homeowners have more wealth tied up in their homes than at any time in history,” said Knok, co-founder and CEO. Sean Black.

“Thousands of homeowners have used Knock Home Swap to compete with an agent they trust to win their dream home, then move on their own timeline and sell for top dollar. Now, they can use it to lower their price and put more money down, which lowers their price even more.”

Read more: Home sale prices top $400k in May in stagnant market on high interest rates

A down payment, home preparation and up to six months of mortgage payments on the old home are all included as part of an interest-free down payment like a Knock Home Swap. Once the program’s beneficiaries move into their new homes, they sell their homes on the market.

The program includes a 30-day closing guarantee, a home preparation concierge and a backup offer on the old home if a sale doesn’t happen within six months.

“Over 98% of Nook homes sell within 90 days, with 88% selling in 30 days or less,” according to the release.

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