RocketRentRewards is the first offer in the
mortgage industry to provide up to $5,000 in closing cost credits for rent
payments
DETROIT, Feb. 18,
2025 /PRNewswire/ -- Rocket Mortgage, the nation's
largest mortgage lender and a part of Rocket Companies
(NYSE: RKT), today introduced RocketRentRewards – the
homeownership industry's first offer to provide closing cost
credits for renters.
With a Rocket mortgage, homebuyers earn 10% back on the last 12
months of rental payments – receiving up to $5,000 in lender credits toward closing costs.
With the national average rent at $1,800, that translates to $2,160 applied toward a client's closing costs –
one of the biggest financial hurdles for first-time homebuyers.
"This offer is deeply rooted in our mission to Help Everyone
Home," said Bill Banfield, Chief
Business Officer and Economist. "Many renters feel like
homeownership is out of reach – especially as they try to save
money to take to the closing table. RocketRentRewards eases those
concerns by rewarding clients for simply doing what they do every
month, making their rent payment."
Since 2020, renter households have grown rapidly, now comprising
over a third of U.S. homes. Nearly half of renters are people of
color – almost twice the rate of homeowners.¹ RocketRentRewards
helps bridge the gap by converting rental payments into financial
savings, empowering aspiring buyers – particularly in underserved
communities, who will represent more than half of first-time
homebuyers by 2030² – move from renting to owning.
The company makes it easy for homebuyers to take advantage of
RocketRentRewards. Rent payments from the past 12 months can be
verified through documentation confirming their current rental
amount. Once validated, the credit will be directly applied to
closing costs.
This offer supports Rocket's Own the Dream campaign,
which unites Americans in the shared dream of homeownership.
Bringing that vision to life, Rocket recently launched Rocket.com,
an all-in-one platform that empowers consumers to search, purchase
and manage their home financing in one place. Clients
can explore properties with Rocket Homes and get personalized
financing options – like RocketRentRewards– from a Rocket Mortgage
banker in just a few clicks.
Visit www.rocket.com/mortgage/rocketrentrewards to learn
more about RocketRentRewards and to apply for a home loan.
ABOUT ROCKET MORTGAGE
Detroit-based Rocket Mortgage
is the largest mortgage lender and is a part of Rocket Companies
(NYSE: RKT).
The lender 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. Since
its founding in 1985, Rocket Mortgage has closed more than
$1.8 trillion of mortgage volume
across all 50 states.
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction
for both primary mortgage origination and servicing 22 times – the
most of any mortgage lender. Rocket Companies, Rocket Mortgage's
parent company, has placed in the top third of Fortune's list of
the "100 Best Companies to Work For" the list for 21 consecutive
years.
¹ America's Rental Housing 2024, Joint Center for Housing
Studies of Harvard University
² The Latino Housing Journey 2023, Fannie Mae
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SOURCE Rocket Mortgage
