Cyber Monday is a day when we potentially end up spending a lot of money on gifts for friends and family. This Cyber Monday, Quicken Loans and the Rock Family of Companies want to put money back in your pocket if you’re in the market for a mortgage. In this season of giving, you can give a gift to yourself.
Today only, if you lock your interest rate on a purchase or refinance through Quicken Loans, you’ll get our best pricing, whether you apply online or work with one of our Home Loan Experts. Better yet, you can receive .5 to 2.625 points that you can use to buy down your interest rate.1 The exact discount depends on the particulars of the loan. Finally, purchase clients who get approved today but aren’t ready to lock today will receive $1,000 off closing.2
We’ll go over the role points play in your mortgage transaction below. But Quicken Loans isn’t the only one offering a special deal.
Our sister company, Rocket HomesSM, will match you with a top-rated real estate agent and give you up to $750 cash back after you buy or sell a home.3, 4
Our friends at RocketLoans® have a special offer for personal loans today, as well.
Find all the details below, with offers organized by company.
Quicken Loans will be offering clients anywhere from .5 to 2.625 points to buy down the rate. Clients approved for a purchase who don’t want to lock their rate today can still receive $1,000 off closing costs.2
The Value of a Point
Also known as a prepaid interest point or mortgage discount point, points are something you use to buy down your interest rate. In short, the more points you prepay at closing, the lower your interest rate will be.
One point is equal to 1% of the loan amount. You pay for these points by bringing money to the closing table. You can purchase points in increments all the way down to 0.125 points.
Today only, you can get a rate between .5 and 2.625 points, with the exact amount depending on the loan scenario, without bringing any extra money to the transaction. Some people may find that it makes sense to buy down their interest rate further. To give you a better idea of how points work, let’s do a little point math below. Don’t worry. There won’t be a quiz.
Pointers on Point Math
To determine whether purchasing more mortgage discount points to buy down interest rates makes sense for you, you need to determine how much it costs to buy the points and compare that to how much you would be saving on your monthly payment. After that, you need to make an educated guess on how long you’ll be in the house.
As mentioned above, one point is equal to 1% of the loan amount. On a $200,000 loan, the cost of 1 point amounts to $2,000, for example. Figure out the amount of money you could save monthly by buying down your interest rate. You should be able to get this comparison from your Home Loan Expert.
After that, it’s a matter of dividing the amount you would pay for your points by the amount of monthly savings you would receive. This will give you the number of monthly payments it’ll take to break even. If you think you’re going to be in the house longer than the break-even point, it makes sense to buy down your interest rate. If you plan to be in the house a shorter amount of time, don’t buy the points or don’t buy as many.
Of course, the decision is easier if you lock your interest rate today because some of your points are free.
To be eligible for these offers, you must either lock your rate today for the special pricing or get approved for $1,000 off closing costs. Act before 11:59 p.m. ET.
Our friends over at Rocket Homes have an offer of their own on Cyber Monday for clients who get approved today and opt to be contacted by Rocket Homes.
Clients who buy or sell their home with a top-rated Rocket Homes Partner Agent can get up to $750 cash back within 30 days after closing. If they buy and sell their home with Rocket Homes, they can get back up to $1,500.4
The exact amount of the rebate will depend upon the final sale or purchase price of your home as listed on the purchase agreement after subtracting seller concessions or upgrades included with the property.
If you want to take advantage of this opportunity, you need to agree to be connected with an agent during your Quicken Loans approval process by 11:59 p.m. ET. Combined with the offer to take $1,000 off closing costs,2 your total savings for getting approved today as a purchase client could be as high as $1,750.
Could you use some cash, but using home equity doesn’t make sense? RocketLoans is doing a deal on personal loans for Cyber Monday.
If you get a personal loan from RocketLoans today, you’ll get 2% cash back at closing, up to $250.5
This could be a great opportunity to consolidate your debt or get some cash for an unexpected expense. As with all the other offers, you must seize the day and take advantage prior to 11:59 p.m. ET.
If you’re in the market to purchase or refinance, today just might be the day to move forward. The pricing incentive is good for today only. If you’re ready to take the leap and save some money, you can get started with Rocket Mortgage® by Quicken Loans today. Or, if you prefer, you can give one of our Home Loan Experts a call at (800) 785-4788.
If you’re looking for a real estate agent to help you with the purchase or sale of your home, Rocket Homes would be happy to assist.
And, if you’re in the market for a personal loan, RocketLoans has a good deal.
If you have any questions, let us know in the comments section below. Happy deal hunting!
1 Client will receive between 0.5 discount points and 2.625 discount points off current pricing. This offer is only available to clients who lock their interest rate while completing the application process before 11:59 p.m. ET on November 26, 2018. Offer valid on loan amounts of $100,000 or higher. Offer is available on 30-year and 15-year products only. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, loans originated through the Relocation channel, Non-agency jumbo loans or portfolio loans. This offer cannot be retroactively applied to previously closed loans or loans already in process. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Quicken Loans. This is not a commitment to lend. Additional restrictions/conditions may apply. Not valid with any other discount or promotion.
2 Clients who have submitted their documents to obtain Verified Approval between November 26, 2018, and November 28, 2018, and close their loan by February 24, 2019, will receive a closing credit on their Closing Disclosure in the amount of $1,000. Offer valid on 30-year and 15-year purchase loans with an amount of $100,000 or higher. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, loans originated through the Relocation channel, non-agency jumbo loans or portfolio loans. This offer cannot be retroactively applied to previously closed loans or loans already in process. Offer is non-transferrable. Offer may not be redeemed for cash, and no change will be given if the discount amount exceeds costs otherwise due. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Quicken Loans. This is not a commitment to lend. Additional restrictions/conditions may apply. Not valid with any other discount or promotion.
3Rocket Homes Real Estate LLC, 701 Griswold St., Detroit, MI 48226. Equal Housing Opportunity. We do business in accordance with the Federal Fair Housing Law.
Rocket Homes Real Estate LLC License Numbers: MI 6505346028; FL CQ1053125; OH REC.2018004495; MA 422609; NC C27494; WA 20438; Rocket Homes Real Estate IL LLC License Number: 481.012770
4 Offer is valid on applications received after 12:01 a.m. ET on November 26, 2018, and before 11:59 p.m. ET on November 26, 2018, to clients who lock in their cash back while completing the application process. Additional restrictions/conditions may apply. Offer cannot be retroactively applied to previously submitted applications or applications currently in process. Offer is non-transferrable. Rebate check will be issued within 30 days of closing. The rebate amount that you qualify for is determined by the final sales price of the property and is based on the following scale: $0-$99,999: $125. $100,000-$199,999: $250. $200,000-$299,999: $500. $300,000-$399,999: $625. $400,000+: $750. The final sales price is the agreed purchase price listed on the purchase agreement, minus any seller concessions or upgrades included in the price of the subject property. The following states unfortunately prohibit Rocket Homes from issuing rebates: Alabama, Alaska, Kansas, Louisiana, Mississippi, Missouri, New Jersey (seller only), Oklahoma, Tennessee and Oregon. Iowa prohibits cash back when more than one broker assists a client to buy or sell a property.
© Copyright 2018 Rocket Homes Real Estate LLC, All Rights Reserved.
52% cash back on the funded loan amount up to $250. Must apply and close loan between 12:01 a.m. ET and 11:59 p.m. ET on 11/26/2018. Cash back is in the form of an Amazon eGift Card, which will be electronically delivered within 10 business days of loan closing. Offer cannot be retroactively applied to previously submitted applications or applications currently in process. Offer is non-transferable. Any attempt by an individual to deliberately circumvent, disrupt, damage, or undermine the legitimate operation of this deal or any attempt to secure a loan using fraudulent means will be disqualified from receiving the deal.
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