This mortgage company has launched a loyalty program. Does it really save you money?

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There’s a reason so many consumers are drawn to using credit cardRepeatedly using the same card for various transactions earns you reward points that can be redeemed for many rewards, from gift cards to real cash that you can put in your bank account and use towards payments.

now mortgage company i am trying something similar. And it can be a great source of savings for you.

A new kind of loyalty program

Rocket Companies, a Detroit-based FinTech platform comprised of Rocket Mortgage and Rocket Homes, recently announced details of its new loyalty program. Its purpose is to allow consumers and borrowers to earn points that can be redeemed for future transactions across his Rocket platform.

For example, people who have accumulated points through this loyalty program can apply those points toward closing costs when financing a mortgage through Rocket. Closing costs are the huge costs associated with closing a mortgage and typically amount to her 2% to 5% of the mortgage. So being able to save on these costs is important. mortgage interest rate It’s gone way up, and house prices are in a similar spot (and don’t look like they’re going down).

Homebuyers are typically required to write a closing cost check when finalizing a mortgage. Also, many mortgage lenders allow buyers to pass closing costs onto the mortgage, which can lead to higher payments and can be difficult to manage. Lowering is good.

Discovery: Ranked this company as a comprehensive mortgage lender as part of our 2022 Best of Awards

MORE: Best FHA Mortgage Lender Picks

Will this new loyalty program save me money?

Signing a mortgage or making another financial transaction through Rocket can cost you money. Think of this new loyalty program as a kind of store credit card. You may get cashback that you can use, but only at the same store.

Well, the same applies here. Loyalty points can be accumulated in a number of ways, but they are only valuable if you have a reason to use them on Rocket Platform.

Still, Rocket wants to make it easier for consumers to accumulate those points. For example, if you create a free Rocket account, you can earn points for reading educational articles and watching educational videos in the Rocket Mortgage Learning Center. In fact, you can earn points just by trying out Rocket’s mortgage calculator.

Additionally, Rocket Companies plans to expand the program in the coming months to give consumers new ways to accumulate and redeem points. In short, this new loyalty program could be a source of savings for homebuyers who take out mortgages with Rocket.

If you end up not using Rocket for any financial product, you may find that it is bankrupt. Still, educating yourself about the mortgage and home buying process is never a bad thing. So it’s worth a visit to Rocket’s Learning Center.

Our Pick for the Best Mortgage Lenders for 2022

Mortgage rates are at their highest levels in years and are expected to continue rising. To ensure the best possible rate while minimizing fees, it’s more important than ever to check rates with multiple lenders. Even a small difference in rates can save you hundreds of dollars in monthly payments.

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Get pre-approved in as little as 3 minutes, without rigorous credit checks, and lock your rates anytime. another plus? They do not charge any origination or lender fees (some lenders even charge him 2% of the loan amount).

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