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Rocket Launches Rate Drop Advantage, New Home Equity Loan

Rocket Mortgage announced Rate Drop Advantage, a program that covers a significant chunk of closing costs for a refinancing if interest rates drop and a homebuyer refinances within three years of buying a home. 

Rocket Loans 150x150Rocket Mortgage said that for clients who refinance within three years it will waive fees for appraisal, credit report pulls, processing, underwriting and more, averaging savings of about $2,000.

“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, in a statement. Read the full announcement from Rocket Mortgage.

Rocket also recently introduced a home equity loan to give Americans one more way to pay off debt that has risen along with inflation.

“Our goal is to consistently create financial products that help our clients achieve their goals,” said Bob Walters, CEO of Rocket Mortgage. “In the current market, short-term interest rates have risen sharply—making it much harder to pay off credit card debt. With our new home equity loan, clients can improve their lives by having a payment they can more comfortably afford.”

Homeowners can access $45,000 to $350,000 of their home’s equity in 10- or 20-year term, fixed-rate loans – while maintaining at least 10% equity in their home.

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