New temporary buydown option eases the transition into homeownership

Rocket Mortgage introduces “Welcome Home RateBreak” program

DETROIT, Aug. 26, 2024 /PRNewswire/ — Rocket Mortgage, the nation’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced “Welcome Home RateBreak,” a lender-paid 2-1 temporary buydown program. Buyers can enjoy significant savings with a mortgage rate reduced by two percentage points in the first year, then one percentage point in the second year before returning to the note rate in the third year and until the mortgage is paid off.

Are you dreaming of owning your own home but feeling overwhelmed by the financial commitment? Rocket Mortgage has come to the rescue with their innovative new program, “Welcome Home RateBreak.” This exciting initiative is designed to make the transition into homeownership smoother and more affordable for buyers.

With Rocket Mortgage covering the cost of a lower interest rate for the first two years, buyers can enjoy significant savings on their monthly mortgage payments. Imagine being able to secure a mortgage rate that is reduced by two percentage points in the first year, followed by another one percentage point reduction in the second year. This means more money in your pocket and less stress about making ends meet as a new homeowner.

But it doesn’t stop there. Once the two-year temporary buydown period is over, the mortgage rate will return to the original note rate in the third year and remain constant until the mortgage is fully paid off. This gives buyers peace of mind knowing exactly what to expect in terms of their mortgage payments, allowing them to budget effectively and plan for their future.

So what does this mean for you as a potential homebuyer? Well, it means that owning your dream home may be more achievable than you think. With Rocket Mortgage’s “Welcome Home RateBreak” program, you can take advantage of lower interest rates for the first two years, giving you the financial breathing room you need to settle into your new home and start building equity.

As for the world at large, this new temporary buydown option could have a ripple effect on the housing market. By making homeownership more accessible and affordable for buyers, we may see an increase in home sales and a boost to the overall economy. More people becoming homeowners means a stronger sense of community and stability, which can have a positive impact on neighborhoods and cities across the country.

Conclusion:

In conclusion, Rocket Mortgage’s “Welcome Home RateBreak” program is a game-changer for prospective homebuyers looking to make their homeownership dreams a reality. With the cost of a lower interest rate covered for the first two years, buyers can enjoy significant savings and a smoother transition into homeownership. This innovative program not only benefits individual buyers but also has the potential to positively impact the housing market and economy as a whole. So why wait? Take advantage of this opportunity and start your journey towards homeownership today with Rocket Mortgage.