Rocket Mortgage Introduces Rate Drop Advantage, Giving Homebuyers Confidence When Purchasing in a Rising Rate Environment

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Jul 27, 2022, 09:00 ET

Exclusive product, coupled with company's existing RateShield program that locks mortgage interest rates for 90 days during home shopping, brings confidence to consumers

DETROIT, July 27, 2022 /PRNewswire/ -- Rocket Mortgage, America's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced the introduction of Rate Drop Advantage – an exclusive program that brings confidence to homebuyers by covering a significant portion of closing costs of a refinance transaction if interest rates drop and they refinance within three years of purchasing a home.

Through Rate Drop Advantage, when clients refinance within the allotted timeframe, Rocket Mortgage will waive the fees for appraisal, credit report pulls, processing, underwriting and several other costs for an average savings of approximately $2,000. Rate Drop Advantage gives buyers confidence in the midst of a rising rate environment by knowing if rates decrease within the three-year period after closing on their original purchase, they can easily and affordably refinance.

"Rocket Mortgage is committed to creating more ways to make the financing process easier and more affordable for homebuyers and maintain the excitement that should come along with this huge milestone in their life," said Bob Walters, CEO of Rocket Mortgage. "Innovation comes in many different forms – Rocket Mortgage is known for both our revolutionary technology and the creativity we bring to help meet the needs of our clients, like Rate Drop Advantage, RateShield and our Verified Approval. We are constantly listening to our clients, implementing their feedback and developing programs that meet and exceed their needs."

Homebuyers benefit in both the short- and long-term with the combination of Rate Drop Advantage and Rocket Mortgage's existing RateShield program. For the past four years, Rocket Mortgage clients have used RateShield to gain confidence and stability while shopping for a home. Interest rate increases can cause your home purchase budget to change from day to day.

With RateShield, however, American homebuyers get access to a powerful two-way benefit. A buyer will have the ability to lock in current rates for up to 90 days while home shopping, providing a hedge against rising rates. If rates have fallen by the time the purchase agreement is signed – the buyer will receive the lower rates. This option has been wildly popular with prospective homebuyers in today's volatile rate environment.

Rocket Mortgage also takes an innovative approach to mortgage approvals. Buyers can receive an exclusive Verified Approval to know the exact amount they qualify for and the assurance that their finances are ready to close on a mortgage. Far beyond a prequalification or a preapproval, a Verified Approval is based on an underwriter's comprehensive analysis of a buyer's credit, income, employment status, assets and debt. Homebuyers with a Verified Approval Letter from Rocket Mortgage are nearly twice as likely to close on their mortgage.

Innovative programs like Rate Drop Advantage, RateShield and Verified Approval are examples of Rocket Companies' mission to simplify life's most complex moments to help clients live their American dream.

For more information on these programs, visit RocketMortgage.com/Learn/RateShield-Rate-Drop-Advantage.

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 and operates a centralized loan processing facility in Detroit.

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.

About Rocket Companies

Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as Truebill), Rocket Solar, Rocket Mortgage Canada (formerly known as Edison Financial), Lendesk, Core Digital Media, Rocket Central and Rock Connections.

Rocket Companies' mission is to be the best at creating certainty in life's most complex moments so that its clients can live their dreams. The Company helps clients achieve the dream of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies 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, please visit our Corporate Website or Investor Relations Website.

SOURCE Rocket Mortgage