Unlock the Door to Home Prep: Knock Increases Bridge Loan to $35,000!
Knock’s Home Prep Loan program has been helping prospective homebuyers prep their homes for sale since 2018, and now they are expanding the program to offer more support than ever before. The company recently announced that they are increasing the maximum bridge loan amount from $25,000 to $35,000, allowing more borrowers to access the funds they need to make necessary renovations and repairs that could help get their homes sold faster.
What Is a Bridge Loan?
Bridge loans are a type of short-term financing that allows borrowers to access funds quickly in order to make necessary renovations and repairs before selling their home. The loan is secured by the borrower’s existing home, and the funds are typically used to make repairs, update fixtures, and make other improvements that could help increase the home’s market value. Once the home is sold, the loan is paid off and the borrower is no longer responsible for repayment.
How Knock’s Home Prep Loan Works
Knock’s Home Prep Loan program is designed to make it easier for prospective homebuyers to access the funds they need to make necessary improvements before listing their home for sale. The program offers bridge loans of up to $35,000, and the funds can be used for a variety of home improvement projects, including painting, replacing fixtures, and even major repairs.
In order to qualify for the loan, borrowers must meet certain income and credit criteria. Additionally, the home must be listed within 30 days of receiving the funds, and the loan must be repaid within 12 months of the sale. The loan is not subject to any prepayment penalties, so borrowers have the flexibility to pay it off whenever they choose.
Benefits of Knock’s Home Prep Loan
Knock’s Home Prep Loan offers many benefits for borrowers. First, it is a quick and easy way to access funds that can be used to make necessary renovations and repairs before listing a home for sale. Additionally, the loan is secured by the borrower’s existing home, so there is no risk of default.
The program also offers competitive interest rates and flexible repayment terms, allowing borrowers to pay off the loan whenever they choose. This gives them the flexibility to pay it off sooner if they are able to sell their home quickly, or take their time if the home takes longer to sell.
Finally, Knock’s Home Prep Loan program is designed to help borrowers get their homes sold faster. By making necessary improvements before listing their home, borrowers can potentially increase the amount of interest from buyers and get their homes sold faster.
Conclusion
Knock’s Home Prep Loan program is a great option for prospective homebuyers looking to make necessary renovations and repairs before listing their home for sale. The increased bridge loan amount of $35,000 provides borrowers with more options, and the competitive interest rates and flexible repayment terms make it easier to pay off the loan quickly. With Knock’s Home Prep Loan program, prospective homebuyers can access the funds they need to get their homes sold faster.