America’s largest lender will now pay to lower homebuyers’ interest rate for the first year of their mortgage
DETROIT, September 16, 2022 – 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.
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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.