Exclusive product, coupled with company's
existing RateShield program that locks mortgage interest rates for
90 days during home shopping, brings confidence to
consumers
DETROIT, July 27,
2022 /PRNewswire/ -- Rocket Mortgage, America's
largest mortgage lender and a part of Rocket Companies (NYSE:
RKT), today announced the introduction of Rate Drop Advantage – an
exclusive program that brings confidence to homebuyers by covering
a significant portion of closing costs of a refinance transaction
if interest rates drop and they refinance within three years of
purchasing a home.
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. Rate Drop Advantage gives
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.
"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," said 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."
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 gain confidence and stability while
shopping for a home. Interest rate increases can cause your home
purchase budget to change from day to day.
With RateShield, however, American homebuyers get access to a
powerful two-way benefit. A buyer will have the ability to lock in
current rates for up to 90 days while home shopping, providing
a hedge against rising rates. If rates have fallen by the time the
purchase agreement is signed – the buyer will receive the
lower rates. This option has been wildly popular with
prospective homebuyers in today's volatile rate environment.
Rocket Mortgage also takes an innovative approach to mortgage
approvals. 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. Homebuyers with a
Verified Approval Letter from Rocket Mortgage are nearly twice as
likely to close on their mortgage.
Innovative programs like Rate Drop Advantage, RateShield and
Verified Approval are examples of Rocket Companies' mission to
simplify life's most complex moments to help clients live their
American dream.
For more information on these programs, visit
RocketMortgage.com/Learn/RateShield-Rate-Drop-Advantage.
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 and operates a centralized loan
processing facility in Detroit.
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.
About Rocket Companies
Founded in 1985, Rocket Companies is a Detroit-based
FinTech platform company consisting of personal finance and
consumer technology brands including Rocket Mortgage, Rocket Homes,
Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as
Truebill), Rocket Solar, Rocket Mortgage Canada (formerly known as
Edison Financial), Lendesk, Core Digital Media, Rocket Central and
Rock Connections.
Rocket Companies' mission is to be the best at creating
certainty in life's most complex moments so that its clients can
live their dreams. The Company helps clients achieve the dream of
home ownership and financial freedom through industry-leading
client experiences powered by its simple, fast and trusted digital
solutions. Rocket Companies 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, please
visit our Corporate Website or Investor Relations
Website.
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SOURCE Rocket Mortgage