Buying a home while selling your old one can certainly be stressful. It’s also a huge financial transaction and several different people are involved. You have to budget for your closing costs and pay for the real estate agents involved.
While there’s no getting around the fact that looking at homes while selling your old one can be chaotic, we can help your wallet. Our clients are everything to us and we want to be your lender for life. You’re like family, and we want to give you the family discount. That’s where our new PowerPackSM1 comes in.
Offered in conjunction with our friends at Rocket HomesSM 2, this gives Quicken Loans clients a chance to save on both the buying and selling costs when they move from their existing house to their new digs. Quicken Loans clients who take advantage of this opportunity will also receive a discount on their closing costs as well.
Let’s dive into the details so we can save you some money.
Save on Buying and Selling Costs
Buying a new home while selling your old one can be stressful. There are endless open houses to attend and, at the same time, you have to make sure your home looks its best and gets seen by as many people as possible. Finally, you have to deal with negotiations and sorting through offers. Having the right real estate agent can help with this, but where do you find one?
Rocket HomesSM aims to match clients with real estate agents in their area who are ideally suited for their market and the client’s goals. They can help you find the agent best suited to represent you whether you’re buying a home, selling your current one or both.
Quicken Loans serviced clients who use a Rocket HomesSM agent to sell their current home are eligible to receive a 0.5% rebate based on the final sales price of the home. If you buy a home with a Rocket HomesSM agent, you’ll also receive a 0.5% rebate based on the final sales price as long as you close your loan with Quicken Loans.
Quicken Loans Closing Cost Credit
Another bonus for our currently serviced clients is that they’ll receive a 1% credit toward their closing costs when they buy their next home with Quicken Loans. Depending on the loan amount, this could add up to several thousand dollars off your origination fees and other closing costs.
With that kind of savings, you could pay for your moving costs or put money back into your new home.
How Much Could You Really Save?
With the amount of money you’re saving by going with Rocket HomesSM and Quicken Loans and the convenience of one-stop shopping, there’s no reason to go anywhere else when you’re ready to buy your next home. We know that’s easy to say, but what does it really mean for you?
Let’s take the example that you’re buying a home with a purchase price of $300,000, while selling your current home for $250,000. You’ve chosen to put the profits in your home toward a 20% down payment, making your new loan amount $240,000. With our new PowerPackSM offer, here’s how your savings break down.
0.5% back on selling costs based on sale price: $1,250
0.5% back on the buying fees based on purchase price: $1,500
1% closing cost credit based on loan amount: $2,400
If you want to find out how much you can save on your next home, you can access our calculator on the PowerPackSM page.
Are You Eligible for the PowerPackSM?
In general, this promotion is available to current or previously serviced clients with conventional, FHA, USDA or VA loans in amounts of $100,000 or higher.
The offering can’t be combined with any other promotions or special pricing. Additional restrictions may apply1.
If you’re a current Quicken Loans serviced client looking to make your next purchase, we want to help you. With these savings, there’s no need to look elsewhere. To take advantage of the PowerPackSM, you can apply now. If you still have questions, we can answer them in the comments below.
1 The following three offers are only available to clients who previously closed with or are currently serviced by Quicken Loans: (1) Client selling their home with Rocket Homes Real Estate LLC (“Rocket Homes”) will receive a 0.5% rebate based on final sales price; (2) Client financing the purchase of their new home through Quicken Loans will receive a credit on their Closing Disclosure in the amount of 1% of their loan amount; (3) Client using Rocket Homes to buy a new home financed through Quicken Loans will receive a 0.5% rebate based on final sales price. The final sales price is the agreed purchase price on the final purchase agreement minus any seller concessions or upgrades included in the subject’s purchase property. The 0.5% rebate for buying a home with Rocket Homes is contingent on the client financing that purchase with Quicken Loans. The other two offers can be claimed independently, without a contingency to utilize the other services. Client may take advantage of all three offers. Rocket Homes rebate checks will be issued within 30 days from the date of the closing transaction. Rocket Homes rebates not available in the following states: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon and Tennessee. Offer valid on new purchase loans in the amount of $100,000 or greater. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, Charles Schwab loans, relocation loans, team member loans, Jumbo loans, and non-agency products. Offer is non-transferrable. Offers are only applicable for mortgage applications completed on or after July 1, 2019. Offers 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. Offer may not be used with other discounts, promotions, or special pricing. Acceptance of this offer constitutes the 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.
2 Rocket Homes Real Estate LLC License Numbers: MI 6505-346028; AL 000116893-0; AZ LC682664000; CO EC.100073419; FL CQ1053125; GA 75702; IN RC51700193; KY 245277; MA 422609; MD 668189; MN 40608594; MO 2017021670; NC C27494; NJ 1757866; NV 2017306335; NY 10991228813; OH REC.2018004495; PA RB068594; SC 22050; TN 263727; VA 0226028421; WA 20438; WI 938151-91; Rocket Homes Real Estate IL LLC License Number: 481.01277. Rocket Homes℠and the Rocket Homes℠Logo are service marks licensed to Rocket Homes Real Estate LLC. Rocket Homes Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. The Rocket Homes Real Estate LLC main office is located in Detroit, MI. Contact: 1.888.468.4735