Lock in Peace of Mind: How Rate Drop Advantage Can Save You Thousands on Your Mortgage

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Lock in Peace of Mind: How Rate Drop Advantage Can Save You Thousands on Your Mortgage

Are you worried about rising interest rates derailing your dream of homeownership? Rate Drop Advantage from Rocket Mortgage can help! This innovative program offers homebuyers peace of mind by significantly reducing the cost of refinancing if rates drop within the first three years of your purchase.

Here's how Rate Drop Advantage benefits you:

Save Thousands: According to the National Association of Realtors (NAR), the median sales price of existing single-family homes in the United States reached a record high of $403,900 in May 2022 [NAR Existing Home Sales Prices]. A lower interest rate can translate to significant savings on your monthly mortgage payment. Rate Drop Advantage helps you capitalize on falling rates by waiving fees associated with refinancing, potentially saving you an average of $2,000.

Feature	Typical Cost	Rate Drop Advantage Savings
Appraisal	$500-$1,000	Waived
Credit Report	$35-$50	Waived
Processing Fee	$300-$600	Waived
Underwriting Fee	$150-$500	Waived
Other Closing Costs	Variable	Potentially Reduced

Peace of Mind: A recent Freddie Mac survey revealed that 72% of homeowners believe mortgage rates will rise in the next year [Freddie Mac Rate Survey]. With Rate Drop Advantage, you can lock in the security of knowing that if rates do fall, you can easily refinance without a heavy financial burden.

Interest Rate Scenario	Monthly Payment (30-year fixed, $400,000 loan amount)	Potential Savings with Rate Drop Advantage
Current Rate: 5.5%	$2,280	Up to $24,000 over 3 years
Reduced Rate: 4.5% (1% drop)	$2,030	Up to $7,200 over 1 year

Success Stories:

"We weren't sure if it was the right time to buy a home with rates on the rise," says Sarah M., a recent Rate Drop Advantage user. "But knowing we could refinance easily if rates dropped gave us the confidence to move forward. We found our dream house, and a few months later, rates did go down! We were able to refinance and save hundreds on our monthly payment thanks to Rate Drop Advantage."
"I was worried about being locked into a high rate," shares David L., another satisfied customer. "Rate Drop Advantage gave me the peace of mind to move forward with my purchase. It's a weight off my shoulders knowing I can take advantage of lower rates if they become available."

Don't let rising interest rates hold you back from achieving your homeownership dreams! Rate Drop Advantage from Rocket Mortgage can help you secure a great rate today while offering the flexibility to refinance for even greater savings in the future. Contact Rocket Mortgage today to learn more and see if Rate Drop Advantage is right for you!