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Detroit-based Rocket Mortgage, the nation’s largest mortgage lender, today launched its Inflation Buster program. That deposit is secured by a special account created and closely monitored by Rocket Mortgage, the company said.
Under this program, homeowners pay their mortgage down payment for the first 12 months and Rocket Mortgage will automatically cover the difference.
Bob Walters, CEO of Rocket Mortgage, said, “Rocket Mortgage is committed to creating solutions that can meet today’s high mortgage rates through the acquisition of multiple real estate properties.
It is closely related to the Rate Drop Advantage program, which covers many areas. Together, these factors put our customers in the driver’s seat of incredible value.”
The rocket announcement follows a foreclosure announced last month by Crosstown competitor United Wholesale Mortgage. UWM announced that the interim repayment plan will reduce the borrower’s interest rate to 2 percent for the first two years of the loan.
For Rocket, a homebuyer with a 30-year $400,000 mortgage at 5.75% would pay $2,334.29 in principal and interest.
But if Buster’s inflation cuts customer payments by 1 percent in the first year, payments would drop 10 percent to $2,086.59, Rocket said.
The homeowner in this example said they could save a total of $2,972.40 in the first year of the loan.
Rocket Mortgage offers homebuyers flexibility in their first-year payments. This is usually the time to buy new furniture and decorate, upgrade or remodel it to fit your style, Rocket said.
According to the company, a down payment is automatically provided to Rocket Mortgage customers who apply for home equity, FHA, or VA loan.
Rocket TPO Pro will expand its offerings to retail customers through TPO and broker or broker financing, he said.
Homebuyers can visit RocketMortgage.com to learn more and apply for a mortgage. Investors can learn more about the program or contact their account manager at RocketProTPO.com, the company said.
Reference Source: National Mortgage Professional
