“Combined, these put buyers in the driver’s seat with unmatched benefits.” “The Inflation Buster pairs perfectly with the Rate Drop Advantage program which covers many of the costs to refinance when interest rates fall,” Bob Walters, CEO of Rocket Mortgage, said in a prepared statement. Through its inflation buster program, the monthly payment would drop by more than 10% to about $2,086, which would save the borrower a total of $2,972.40 in the first year of their loan, Rocket said. Rocket said that a homebuyer with a $400,000, 30-year fixed rate mortgage with 5.75% interest would generally pay about $2,334 in principal and interest. UWM announced that its temporary rate buydowns – fueled by seller concessions – would reduce borrowers’ interest rates by up to 2% for the first two years of a mortgage. For Rocket Pro TPO, home sellers or real estate agents will be funding the program, similar to a buydown program rival United Wholesale Mortgage launched last month.

Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account. Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan.ĭubbed the “Inflation Buster” program, Rocket aims to give borrowers a reprieve to combat high inflation and affordability challenges, the company said in a statement Friday.

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