Rocket Mortgage launched another program Monday aimed at luring homebuyers, teaming with its sister company Rocket Homes to help offset the upfront cost of buying a home.
The program, called BUY+, is for clients who obtain purchase financing from Rocket Mortgage and find a home with the help of a Rocket Homes Partner Real Estate Agent. Clients who do both will receive a credit equal to 1.5% of their loan amount, which can be put toward their closing costs, the company said.
“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, Rocket Mortgage CEO. “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, Rocket said, 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.
Even homebuyers who are not being helped by a Rocket Homes Partner Agent can save on their mortgage, Rocket said. Clients working with an unaffiliated real estate professional who refer 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. The buyer would save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home, Rocket said.
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, Rocket said. 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, the company said.
“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 $31 billion in total equity and SELL+ helps them keep more of it in their pocket, Rocket Homes said.
If a homeowner is both buying and selling, they can use both the BUY+ and SELL+ programs to increase their savings, Rocket said.
Homeowners who participate in BUY+ are also eligible to combine their credit with their Rocket Rewards. With more than 1 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.
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. Since its founding in 1985, Rocket Mortgage has closed more than $1.5 trillion of mortgage volume across all 50 states.
