It Takes Two: Homebuyers Save Big with New Offer from Rocket Mortgage and Rocket Homes

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

Rhea-AI Summary

Rocket Mortgage announced a new program, BUY+, in partnership with Rocket Homes, aimed at helping homebuyers save on closing costs. Through this initiative, clients can receive a credit of 1.5% of their loan amount when using a Rocket Homes Partner Agent, with a maximum of $10,000. For instance, a homebuyer purchasing a $350,000 home could save nearly $5,000. Additionally, home sellers can benefit from the SELL+ initiative, offering a rebate of 1% of the sale price. The programs enhance the integrated services offered by Rocket Companies, promoting homeownership in the current market.

Positive

Launch of BUY+ program enables savings of up to $10,000 on closing costs for homebuyers.
Potential savings of nearly $5,000 for a $350,000 home loan when using a Rocket Homes Partner Agent.
SELL+ initiative offers a 1% rebate for home sellers, increasing their savings during the sale.

Negative

None.

04/03/2023 - 09:00 AM

Homebuyers will receive up to $10,000 toward closing costs when using Rocket Mortgage along with a Rocket Homes Partner Agent

DETROIT, April 3, 2023 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced BUY+, a collaboration with sister company Rocket Homes that keeps cash in consumer's pockets. Clients who obtain purchase financing from Rocket Mortgage and find a home with the help of a Rocket Homes Partner Real Estate Agent, will receive a credit equal to 1.5% of their loan amount to put toward closing costs, helping relieve some of the upfront cost of buying a home.

"There are way too many people across the country who are looking forward to buying a home – and could comfortably make the monthly payments – but are still on the long road to saving for the upfront costs," said Bob Walters, CEO of Rocket Mortgage. "With BUY+, Rocket Mortgage is making this process a lot easier to achieve, lowering a hurdle for those who are ready for a home of their own."

Homebuyers can receive a credit of 1.5% of their loan amount, up to $10,000 off their closing costs, by working with a Rocket Homes Partner Agent to find their new home. For example, a homebuyer putting 5% down on a $350,000 home would have a loan of $332,500. Working with a Rocket Homes Partner Agent and getting a mortgage through Rocket Mortgage would earn them nearly $5,000 toward their closing costs.

Homebuyers who are not being helped by a Rocket Homes Partner Agent can also save on their mortgage. Clients working with an unaffiliated real estate professional who refers them to Rocket Mortgage, or buyers opting for a Verified Approval – a full mortgage approval that considers their income, assets and credit – will receive a 0.75% credit of their loan amount toward closing costs. This buyer would save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home.

Rocket Homes Partner Agents are vetted and verified real estate professionals who are actively helping homebuyers and sellers, in all 50 states, confidently navigate the complex housing market. With more than 1 million clients served, and an overall average agent rating of 4.8 stars out of 5 in closed client surveys, consumers can trust that their Rocket Homes Partner Agent will guide them to the home that fits their unique needs or help sell their home for top dollar.

"One of the benefits of sister companies Rocket Homes and Rocket Mortgage is that each are uniquely designed to help homebuyers during specific moments in the real estate process," said Doug Seabolt, CEO of Rocket Homes. "Clients could already do many things with one Rocket Account login, like connect with a trusted real estate agent and search for a home with Rocket Homes – then use that same account to get approved for financing with Rocket Mortgage. Now, we are adding onto that elevated experience with game-changing savings."

In addition to partnering with Rocket Mortgage on BUY+, Rocket Homes announced an initiative to help home sellers as well. Through the SELL+ offer, sellers listing their home for sale with a Rocket Homes Partner Agent will receive a rebate check for 1% of the sale price from Rocket Homes after closing. As of late 2022, homeowners have acquired a record of 31 billion dollars in total equity and SELL+ helps them keep more of it in their pocket. Even better, if a homeowner is buying and selling, they can use both the BUY+ and SELL+ programs to increase their savings.

Homeowners who participate in BUY+ are also eligible to combine their credit with their Rocket Rewards. With more than one million members, Rocket Rewards is a loyalty program for homebuyers – helping them earn credit toward closing. If buyers combine their BUY+ credit and Rocket Rewards earnings, they can save even more on their way to homeownership.

Homebuyers and sellers can visit OnlyWithRocket.com to find more information on BUY+ and SELL+ programs, secure a trusted real estate agent in their local area and apply for a home loan.

About Rocket Mortgage

Detroit-based Rocket Mortgage is the nation's largest home lender, closing more mortgage volume than any other lender in 2022, and is a part of Rocket Companies (NYSE: RKT). The lender 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. Since its founding in 1985, Rocket Mortgage has closed more than $1.5 trillion of mortgage volume across all 50 states.

Rocket Mortgage is ranked highest in the country for client satisfaction in mortgage origination by J.D. Power. Combining the mortgage origination and servicing studies, Rocket Mortgage has earned 20 total accolades from J.D. Power – the most of any mortgage lender. 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 RocketCompanies.com/PressRoom.

About Rocket Homes

Rocket Homes is a tech-based real estate service provider and home search site which is a part of Rocket Companies (NYSE: RKT). It manages a nationwide Partner Agent Network that includes some of the nation's top agents from 3,000 different counties and has assisted nearly one million consumers with their home buying and selling needs. All of its Partner Agents are prescreened and demonstrate exceptional client service, knowledge and experience in their local communities. Rocket Homes hosts a website and mobile app consumers can use to search for homes, connect with a real estate professional and obtain mortgage approval through sister company Rocket Mortgage – creating a seamless, fully integrated home buying and selling experience. For more information, please visit RocketHomes.com.