– A new loan option could be the perfect way to manage inflation and rising debt levels –
DETROIT, August 1, 2022 /PRNewswire/ — rocket mortgagethe nation’s largest mortgage lender and part of Rocket companies (NYSE: RKT), today launched a home equity loan to give Americans another way to pay off debt that has risen with inflation.
Americans are grappling with high credit card bills, driven by a combination of rising prices and record credit card rates resulting from the Federal Reserve’s aggressive federal funds rate hikes. This combination encourages consumers to look for options to make their monthly payments more manageable.
“Our goal is to consistently create financial products that help our customers achieve their goals,” said Bob Walters, CEO of Rocket Mortgage. “In today’s market, short-term interest rates have risen sharply, making it much more difficult to pay off credit card debt. With our new home equity loan, customers can improve their lives by having a payment they can more comfortably afford.”
In total, Americans have nearly $28 trillion of home equity, according to the Federal Reserve. At the same time, the country’s total household debt stood at $15.84 trillion from the 1st quarter of 2022 – $1.7 trillion higher than at the end of 2019, before the COVID-19 pandemic – according to a report by the Federal Reserve Bank of New York. The report also showed that credit card balances in the first quarter were $71 billion higher than that of 2021.
Owners can access $45,000 at $350,000 of their home equity in fixed rate loans with 10 or 20 year terms – while maintaining at least 10% of their home equity. This new product integrates perfectly with the Rocket platform, offering a financial solution whatever the need. Consumers looking for small loan amounts can get $2,000 at $45,000 of the sister company Rocket Loans.
“The talented members of Rocket’s technology, product strategy and capital markets team quickly came together to develop this important mortgage product, demonstrating the power of Rocket Companies’ technology platform,” Walters said.
Owners can login with Rocket Mortgage Home Loan Experts at 800-704-9733 to learn more about this product.
About Rocket Mortgage
DetroitRocket Mortgage, the nation’s largest mortgage lender and a member of Rocket Companies (NYSE: RKT), enables the American dream of homeownership and financial freedom through its obsession with a cutting-edge digital customer experience. industry. In late 2015, it introduced the first fully digital, fully online mortgage experience. Rocket Mortgage Closed $351 billion mortgage volume in all 50 states in 2021.
Rocket Mortgage has moved its headquarters downtown Detroit in 2010. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix.
Rocket Companies, the parent company of Rocket Mortgage, ranked #7 on Fortune’s “100 Best Companies to Work For” list in 2022 and has ranked in the top third of the list for 19 consecutive years.
For more information and company news, visit RocketMortgage.com/PressRoom.
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