Rocket Mortgage has introduced bridge loans to help potential homebuyers cover down payments or closing costs while they sell their existing homes. In a tough real estate market characterized by high prices and limited inventory, this product provides much-needed flexibility. Clients will have up to six months to sell their homes, with interest-only payments in the meantime. Borrowers must meet specific criteria, such as having their current home listed. This initiative follows Rocket's efforts to entice renters with closing cost credits, demonstrating the company's adaptability in a fluctuating mortgage landscape.
These loans help buyers cover down payments or closing costs when purchasing a new home, critical in today's competitive housing market.
Rocket's bridge loan allows clients up to six months to sell their homes, offering interest-only payments during this period.
This new flexibility provided by Rocket's bridge loan enables buyers to access the equity in their current properties faster.
The launch follows Rocket's February rollout of RocketRentRewards, providing incentives for renters to finance with Rocket.
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