Rocket Mortgage has introduced a competitive 30-year fixed rate of 7.125% without any additional markups on its conventional, FHA, or VA products. The firm is focusing on supporting renters, offering a significant contribution towards closing costs as part of their outreach strategy to promote homeownership. Banfield emphasized there's currently no limit to this program, which aims to benefit those consistently paying rent. By recognizing timely rent payments, Rocket aims to build long-term relationships with clients, anticipating potential future refinancing opportunities as they transition to homeownership.
Banfield confirmed that there is no cap or end date presently set for the program, stating they will run it as long as it makes sense.
Our contribution toward closing costs is just under $2,200, and we are taking that back out of effectively our revenue and giving it back to the buyer.
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