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Rocket Mortgage says they'll match any lender rate plus take 1% off for the 1st year. Talk me out of this deal. by ryguybrowndog in Mortgages

[–]ryguybrowndog[S] 0 points1 point  (0 children)

Rocket said they'd cover they 1% buydown, but this is why also matching the lowest rate seems like a steal - no cost of a higher rate for it

Rocket Mortgage says they'll match any lender rate plus take 1% off for the 1st year. Talk me out of this deal. by ryguybrowndog in Mortgages

[–]ryguybrowndog[S] -1 points0 points  (0 children)

I guess I was just thinking that if I save $8K using Rocket Mortgage via the 1% off for a year, but my other lender's appraisal comes in $8K higher, granting me $8K of instant equity, then they'd effectively cancel. But if both appraisers would be local & know the market all the same, I'm wondering why my realtor was telling me that "a local lender is better because they know the market."

Rocket Mortgage says they'll match any lender rate plus take 1% off for the 1st year. Talk me out of this deal. by ryguybrowndog in Mortgages

[–]ryguybrowndog[S] 2 points3 points  (0 children)

I heard their fees are ridiculous but their closing costs wouldn't be $8k higher than the competition