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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Knock's loan

Finanso.Multilogin™

How to apply

Visit the company's website and select "Get Started" Choose from two services:

  1. Knock GO™ (Guaranteed Offer). Create an account: first, select a state. Then you choose your home's stage and your credit score. Finally, you must provide your name, phone number, and email address, agree with the terms, and click "Continue."

  2. Knock Home Swap™. Create an account: first, enter your home address. Specify your property's type and year built, square footage, number of bedrooms, bathrooms, half-bathrooms, and other characteristics. Then answer about your credit and finances. Fill out your info (name, phone, email) and click "Submit."

You will then be able to apply for preapproval online and finish the application form. Once approved, the funds will be transferred to your bank account.

Requirements

Knock follows the conforming loan requirements for mortgages approved by Fannie Mae:

  • Credit score of minimum 620

  • Minimum down payment of 5% (3% for first-time home buyers)

  • Bankruptcy, Chapter 7 or 11: four-year waiting period

  • Bankruptcy, Chapter 13: two years from discharge date, four years from dismissal date

  • Maximum debt-to-income ratio of 50%

  • Foreclosure: seven-year waiting period

  • Deed-in-lieu of foreclosure, pre-foreclosure sale, charge-off: four-year waiting period

To qualify for a mortgage, you must be of legal contract age or the age of majority in your state. In most states, the minimum age to purchase a home is 18.

The company provides conventional, jumbo, and VA loans and prefers to work with new leads who:

  • Intend to sell and buy their principal dwelling (not a vacation home or rental property);

  • Intend to buy or sell a condo, townhome, or single-family house;

  • Sell a home without significant fault or complications (water damage, foundation issues, distressed property, bank-owned, etc.).

Application details

The Knock procedure is similar to a regular home sale, except for approving your mortgage before your old home sells. It makes this process a less difficult or painful experience.

Traditional loans typically require the following documents to verify your employment, income, and assets:

  • Your Social Security number,

  • W-2 forms for the previous two years,

  • One to two years of federal tax returns,

  • Pay stubs for the last two months,

  • Bank statements for the past two or three months,

  • Information on current debt, including student loans, car loans, and credit cards.

Three transactions are technically involved in the Trade-in process:

1) The company purchases a new property on behalf of the client.

2) Knock assists the client in selling their old home.

3) The customer purchases the home from the company.

Mortgage lenders participate in phases (1) and (3). Before Knock takes the customer shopping for their next home, they must ensure sufficient equity inside and outside their existing residence.

The customer must get loan clearance and underwriting for the Knock buyback. Before getting a lender's preapproval, submit your current home to Knock for a free market price evaluation and chat with a representative.

Online applicants receive a Loan Estimate. All papers can be reviewed in one to two business days. After the first assessment, the lender may need more information.

FAQ

How do Knock rates compare with other lenders?

The lender offers competitive rates on its loan products. Rates may vary based on qualifications.

Can the Home Swap be used for condos/townhomes?

As long as the home is the principal residence, you can use Home Swap to buy and sell condos, townhomes, and single-family homes.

What is the 30-day closing guarantee?

Close on your dream home in 30 days, or you and the seller each get a $1,250 money offer.

Calculate loan payments in Knock

Knock calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
USD
50000 $
475000 $
Loan term
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Specify the loan term for the calculation

years
months
5
30

What to focus on before applying for a loan with Knock

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Knock and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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