Rocket Mortgage, America’s largest mortgage lender and part of Detroit’s Rocket Cos., has announced the introduction of Rate Drop Advantage, a program that covers a significant portion of closing costs of a refinance transaction if interest rates drop and they refinance within three years of purchasing a home.
“Rocket Mortgage is committed to creating more ways to make the financing process easier and more affordable for homebuyers and maintain the excitement that should come along with this huge milestone in their life,” says Bob Walters, CEO of Rocket Mortgage.
“Innovation comes in many different forms — Rocket Mortgage is known for both our revolutionary technology and the creativity we bring to help meet the needs of our clients, like Rate Drop Advantage, RateShield, and our Verified Approval. We are constantly listening to our clients, implementing their feedback, and developing programs that meet and exceed their needs.”
Through Rate Drop Advantage, when clients refinance within the allotted timeframe, Rocket Mortgage will waive the fees for appraisal, credit report pulls, 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 by knowing if rates decrease within the three-year period after closing on their original purchase, they can easily and affordably refinance.
Homebuyers benefit in both the short- and long-term with the combination of Rate Drop Advantage and Rocket Mortgage’s existing RateShield program. For the past four years, Rocket Mortgage clients have used RateShield to lock in rates in case they rise while shopping. However, if rates have fallen by the time the purchase agreement is signed, the buyer will receive the lower rates.
With Rocket Mortgage, buyers can receive an 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 a preapproval, 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 from it are nearly twice as likely to close on their mortgage.
For more information on these programs, click here.
