America's largest lender will now pay to lower homebuyers'
interest rate for the first year of their mortgage
DETROIT, Sept. 16,
2022 /PRNewswire/ -- Rocket Mortgage, the nation's
largest mortgage lender and a part of Rocket Companies (NYSE: RKT),
today announced the launch of "Inflation Buster," an innovative new
program giving homebuyers a reprieve by reducing their monthly
mortgage payment one percentage point for the first year of their
loan.
The lower rate is accomplished through a special escrow account
established and fully funded by Rocket Mortgage. During the first
12 months, the homeowner will make the reduced mortgage payment and
Rocket Mortgage will cover the difference automatically.
"Rocket Mortgage is committed to creating solutions to combat
today's high inflation, making home purchases more affordable,"
said Bob Walters, CEO of Rocket
Mortgage. "The Inflation Buster pairs perfectly with Rate Drop
Advantage program which covers many of the costs to refinance when
interest rates fall. Combined, these put buyers in the driver's
seat with unmatched benefits."
As an example, a homebuyer with a $400,000, 30-year fixed mortgage with 5.75%
interest would traditionally pay $2,334.29 in principal and interest. With Rocket
Mortgage's Inflation Buster lowering the client's payment by one
percentage point for the first year, however, their payment would
drop more than 10% to $2,086.59. The
homeowner in this illustration would save a total of $2,972.40 in the first year of their loan.
Rocket Mortgage is giving homebuyers more flexibility in their
payment for the first year – a time when they are usually buying
new furniture, décor, making improvements or customizing the home
to fit their style.
This lower payment will be automatically provided to any Rocket
Mortgage clients who apply for a conventional, FHA or VA purchase
loan. The company is also extending the offer to mortgage brokers'
clients through Rocket Pro TPO, with funding coming from the real
estate agent or home seller.
Homebuyers can go to RocketMortgage.com to learn more and
apply for a home loan. Mortgage brokers can learn about the program
at RocketProTPO.com or they can talk to their account
executive.
About Rocket Mortgage
Detroit-based Rocket Mortgage,
the nation's largest home mortgage lender and part of Rocket
Companies (NYSE: RKT), enables the American Dream of homeownership
and financial freedom through its obsession with an
industry-leading, digital-driven client experience. In late 2015,
it introduced the first fully digital, completely online mortgage
experience. Rocket Mortgage closed $351
billion dollars of mortgage volume across all 50 states in
2021.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan
production from web centers located in Detroit, Cleveland and Phoenix. Rocket Companies,
Rocket Mortgage's parent company, ranked #7 on Fortune's list of
the "100 Best Companies to Work For" in 2022 and has placed in the
top third of the list for 19 consecutive years.
For more information and company news
visit RocketMortgage.com/PressRoom.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rocket-mortgages-inflation-buster-program-helps-homebuyers-tame-higher-costs-through-a-lower-mortgage-payment-301626007.html
SOURCE Rocket Mortgage