Detroit’s Rocket Mortgage launches program to help homebuyers save on refinancing

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Rocket Mortgage launched its Rate Drop Advantage program to help buyers who refinance after rates drop save money on closing costs. // Image bank

Rocket Mortgage, the largest US mortgage lender and member of Detroit’s Rocket Cos., announced the introduction of Rate Drop Advantage, a program that covers a significant portion of the closing costs of a refinance transaction if interest rates decline and refinance within three years of purchase. a house.

“Rocket Mortgage is committed to creating more ways to make the financing process easier and more affordable for homebuyers and to maintain the excitement that should come with this important milestone in their lives,” said Bob Walters, CEO from Rocket Mortgage.

“Innovation comes in many different forms – Rocket Mortgage is known both for its ground-breaking technology and for the creativity we bring to help meet the needs of our customers, such as Rate Drop Advantage, RateShield and our Verified Approval . We constantly listen to our customers, implement their feedback and develop programs that meet or exceed their needs.

With Rate Drop Advantage, when customers refinance on time, Rocket Mortgage will waive appraisal, credit report retrieval, processing, underwriting, and several other costs for an average savings of approximately $2 $000.

The program is designed to give buyers confidence in the midst of a rising rate environment that if rates go down within three years of closing their original purchase, they can easily and affordably refinance.

Homebuyers benefit both in the short and long term from the combination of Rate Drop Advantage and Rocket Mortgage’s existing RateShield program. For the past four years, Rocket Mortgage customers have used RateShield to lock in rates in case they go up while shopping. However, if the rates have dropped at the time of signing the purchase contract, the buyer will receive the lower rates.

With Rocket Mortgage, buyers can receive exclusive verified approval to know the exact amount they qualify for and the assurance that their finances are ready to close on a mortgage. Far beyond a prequalification or pre-approval, a verified approval is based on an underwriter’s comprehensive analysis of a buyer’s credit, income, employment status, assets, and debt.

Rocket says homebuyers with a verified approval letter are nearly twice as likely to close their mortgage.

For more information on these programs, Click here.

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