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Rocket Mortgage has launched a new program called “BUY+” that offers up to $10,000 in credit when you use a Rocket Homes partner real estate agent to find a home.
Potential home buyers who use a real estate agent participating in the Rocket Homes partner network receive a 1.5% credit that can be applied toward closing costs.
For example, a person with 5% down on a $500,000 home purchase would receive a credit of $7,125.
This can be used to offset closing costs and keep out-of-pocket costs to a minimum.
Sister company Rocket Homes is also offering discounts when you sell a home through their network.
How Rocket Mortgage Buy+ Works
As mentioned, those who use Rocket Mortgage to obtain their home loan and a Rocket Homes partner real estate agent will receive a 1.5% lender credit.
This credit is based on the loan amount. As seen in the example above, 1.5% of $475,000 would be $7,125.
Lender credits cannot exceed $10,000, so those with loan amounts above ~$667,000 will be the maximum.
The funds can be used for various closing costs, such as appraisal fees, title insurance, discount points, and so on.
Any credit balance, if any, will be applied to the principal balance of your loan.
The objective of the program is to make it easier for potential home buyers to access the closing table, which requires less cash.
Even people who use an unaffiliated real estate agent can earn a 0.75% credit if that person refers them to Rocket Mortgage.
The 0.75% credit can be withheld if you generate a Verified Approval or RateShield letter through Rocket Mortgage.
Finally, customers who buy homes with their own agent can still receive the 0.25% lender payment credit when using Rocket Mortgage.
To be eligible, you must lock in your mortgage rate on or after 3/31/2023 by 8/31/2023.
Rocket Homes Sale+ Comes With 1% Discount
In conjunction with BUY+, sister company Rocket Homes has launched “SELL+”.
It offers a 1% rebate of the final sale price when you use a real estate agent participating in the Rocket Homes partner network.
These real estate agents are “tested and verified real estate professionals” who are highly rated.
Per closed customer survey, over one million customers have already been served, with an overall average agent rating of 4.8 out of 5 stars.
In terms of savings, it depends on the selling price.
For example, a home seller in California could receive $7,500 in rebate checks if they sold a $750,000 home through the program.
While a person selling a $400,000 home in Texas would be entitled to $4,000.
Rocket Homes Rebate Checks will be issued by the Company within 30 days of receipt of the necessary documents (such as settlement details) to calculate the relevant rebate amount.
Note that the Rocket Homes Sale+ discount is not available in states where such discounts are not permitted.
This Involved Alabama, Alaska, Iowa, Kansas, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee.
If you’re buying and selling homes, you can bundle both programs
Many home sellers are also home buyers, so if you’re like that, it’s possible to bundle up the savings.
You can avail 1.5% lender credit on the purchase side and 1% discount on the sale side.
To qualify, you need to have used a Rocket Homes partner agent to obtain your home loan and Rocket Mortgage for both transactions.
Additionally, it’s possible to combine BUY+ credits with any Rocket Rewards you’ve earned.
Rocket Mortgage’s loyalty program is known as Rocket Rewards. This allows you to earn points for reading homeowner articles, watching videos or simply signing up.
Each point is worth one penny, so 10,000 Rocket Prizes would be worth $100 off the closing cost.
There’s also the recently launched Rocket Visa Signature Card, which earns rewards that can be applied towards closing costs or the down payment on a home.
As always, be sure to compare offers from other banks and mortgage lenders. While lender credits and rebates can save you money, you have to consider the bigger picture.
This includes the mortgage rate and net closing costs after any credits. and the company’s ability to get you to the finish line.
The same goes for partner agents. Pay attention to what their real estate commission is, as these can be quite substantial as well.
But if you don’t already have a preferred lender and/or real estate agent and you’re willing to be referred, it could save you some cash at closing.
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