Homebuyers now have a chance to save thousands on closing costs
Rocket Mortgage, is aiming to make buying a home a lot more affordable.
The company, which is part of Rocket Companies (NYSE: RKT), has announced BUY+, a new program in collaboration with sister company Rocket Homes. Under the program, homebuyers 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, up to a maximum of $10,000.
This new initiative is aimed at relieving some of the upfront costs of buying a home, a hurdle that many prospective buyers face.
“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.”
The Rocket BUY+ program in a nutshell
To illustrate how the program works, a homebuyer putting 5% down on a $350,000 home would have a loan of $332,500. By working with a Rocket Homes Partner Agent and getting a mortgage through Rocket Mortgage, the buyer would earn nearly $5,000 toward their closing costs. Even homebuyers who are not being helped by a Rocket Homes Partner Agent can still 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.
SELL+ offer
In addition to partnering with Rocket Mortgage on BUY+, Rocket Homes has also launched an initiative to help home sellers. Through the SELL+ offer, sellers listing their homes for sale with a Rocket Homes Partner Agent will receive a rebate check for 1% of the sale price from Rocket Homes after closing. This offer helps home sellers keep more of their equity in their pocket.
Homeowners who participate in BUY+ are also eligible to combine their credit with their Rocket Rewards, a loyalty program for homebuyers that helps them earn credit toward closing costs.
Homebuyers and sellers can visit OnlyWithRocket.com to find more information on the BUY+ and SELL+ programs.
