Fintech company Knock announced that it will make its proprietary product Home Swap available to all lenders and agents. With this announcement, homeowners can now work with a lender and agent of their choice.

Knock notes that agents and homeowners will not need to work with a local lender before buying a new home and listing their current house on the market, according to a statement from the company.

“Now, any lender or agent has the ability to supercharge virtually any conventional or jumbo mortgage with a no-interest equity advance loan from Knock to receive the benefits of the Knock Home Swap,” says the statement. However, FHA and VA home loans are not eligible for the program.

Home Swap offers an interest-free equity advance loan that covers the down payment on the new house for up to 30%, home prep costs for up to $35,000, and pays up to six months of mortgage payments on the old house. It also allows customers to sell their old house after they have moved into their new one, and avoid repairs and showings.

This product, called the Knock Home Swap Equity Advance, gives homeowners a non-contingent, “cash-like” offer to buy their dream house before selling their old house.

Homeowners can pair the product with a purchase mortgage from any lender to make an offer before buying a new house.

Sean Black, co-founder and CEO of Knock, says the Home Swap product is different from the loans offered by other companies because it partners with lenders and allows customers to leverage the equity of their current house. 

Knock, in the statement, says it provides access to its network of approved contractors and provides a backup offer on the old house in case it does not sell within six months. It also claims that 91% of the company’s homes sell within 90 days or less.

Knock currently operates in 75 markets across the U.S. The founders of Trulia.com launched the company in 2015. It has raised $900 million in debt and equity from investors like Foundry Group, Greycroft, RRE, Parker89 and The National Association of Realtors.

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