Rocket Rewards Loyalty Program Launched by Rocket Mortgage

The nation’s primary lender, Rocket Mortgage, has launched a brand new loyalty program known as “Rocket Rewards.”

Much like different loyalty applications, customers can earn rewards for finishing sure actions.

And people factors might be redeemed for closing price credit if and after they grow to be Rocket Mortgage shoppers.

To get began, those that create a free Rocket account and go to the rewards web page will obtain a 7,500-point welcome bonus.

Current Rocket account holders may also snag the 7,500 factors after they full their first rewards exercise.

How Rocket Rewards Works

The Rocket Rewards program is a brand new initiative by Rocket Mortgage to have interaction potential clients who may apply for a house mortgage sooner or later.

Members of the Rocket Rewards program can earn factors by studying instructional articles or watching movies within the Rocket Mortgage studying middle.

Factors can be banked just by utilizing a mortgage calculator on their web site, and you’ll apparently earn factors as much as 10 occasions for every calculator.

The Your Actions web page will present you what’s accessible, whether or not it’s an article or a calculator, engaged on a mortgage software, or one thing else.

As famous, new members can earn 7,500 only for signing up and visiting the rewards web page.

These factors are good for $75 in closing price credit score, which may offset closing prices in your mortgage.

Over time, you’ll be able to accrue increasingly factors to doubtlessly save a whole bunch off your closing prices.

There isn’t any price to affix, and when you create a Rocket Account, you’ll mechanically be enrolled of their rewards program. The factors additionally don’t expire.

What Can Rocket Rewards Be Used For?

In the meanwhile, Rocket Rewards might be redeemed for credit score towards your closing prices on a Rocket Mortgage mortgage.

Every level seems to be value a penny, so for each 10,000 factors you earn, you’ll have $100 value.

That is just like many bank card rewards applications that typically redeem at a penny apiece.

When you accrue quantity of factors, you’ll have the ability to redeem them. It’s unclear if there’s a minimal redemption quantity.

However both method, you’ll have the ability to see what you need to use your rewards factors for should you go to the My Rewards web page on their web site.

For instance, in case you have a couple of thousand {dollars} in closing prices, because of say a house appraisal, title insurance coverage, and so forth, a few of these prices might be offset.

And if there’s a couple of individual in your mortgage, you’ll be able to mix your factors for as much as $10,000 per mortgage.

After all, you’ll have to make use of Rocket Mortgage to get your private home mortgage to really redeem the factors.

Sooner or later, they are saying they’ll “be including extra issues you’ll be able to redeem your factors for.” It’s unclear what, but it surely may offer you choices past closing price credit.

For individuals who don’t apply for a mortgage, their factors could be value one thing exterior the mortgage realm.

However proper now, they’ll’t be redeemed for money or something past closing prices related to a Rocket Mortgage mortgage.

It also needs to be famous that Rocket Rewards factors could possibly be thought of taxable, just like some bank card factors or checking account rewards, at which level you may obtain a 1099.

[See also: Rocket Mortgage Inflation Buster]

Is the Rocket Rewards Program a Good Deal?

Whereas it’s good to see a mortgage loyalty program, as they’re few and much between, you’ll want to think about the massive image.

That’s, what the overall price of the mortgage is when you issue within the rate of interest and shutting prices, much less any rewards.

For instance, if one other lender is providing no closing prices and the identical charge, or a decrease mortgage charge with comparable closing prices, it could be a greater provide.

Even should you can offset closing prices, if the online value is increased, it may not imply a complete lot.

After all, this system is free to affix and usually earns factors by way of instructional articles and movies.

And I’m all for monetary literacy, which will get method too little consideration in comparison with nearly every little thing else.

So if it’s a method to studying extra about how mortgages work, it may helpful no matter whether or not the factors are literally redeemed.

As all the time, take the time to acquire a number of mortgage quotes from completely different lenders to make sure you don’t miss a greater deal.

You may additionally be taught one thing every time to talk to a special occasion, whether or not it’s a mortgage dealer, credit score union, financial institution, or one other direct lender.

Rocket Mortgage expects the Rocket Rewards program to strengthen its already sturdy model loyalty, which had a internet consumer retention charge of 93{61c2d3aff5dd861f6d765374843566b764152cba6ae7a0e0dca1c7933b41ddbb} over the previous yr ending June thirtieth, 2022.

(picture: Nicole Yeary)