Detroit-headquartered Rocket Mortgage, a part of Rocket Companies (NYSE: RKT), has unveiled RocketRentRewards, a new program designed to provide closing cost credits for renters.
According to the company, homebuyers with a Rocket mortgage earn 10% back on the last 12 months of rental payments, with the potential of receiving up to $5,000 in lender credits toward closing costs. The company noted that with the national average rent at $1,800, this would translate to $2,160 applied toward a client’s closing costs.
“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.”
