Rocket Rewards loyalty program launched by Rocket Mortgage

Number one lender in the country rocket hostagehas launched a new loyalty program called “Rocket Rewards”.

Similar to other loyalty programs, consumers can earn rewards for completing certain activities.

And those points can be redeemed for closing cost credits if they become Rocket Mortgage customers.

To get started, those who create a free Rocket account and visit the Rewards page will receive a 7,500-point welcome bonus.

Existing Rocket account holders can earn 7,500 points upon completing their first rewards activity.

How Rocket Rewards Works

The Rocket Rewards program is a new initiative by Rocket Mortgage, which may be on-boarding potential customers applying for home loans in the future.

Rocket Rewards program members can earn points by reading educational articles or watching videos in the Rocket Mortgage Learning Center.

Points can also be banked using only a mortgage calculator on their website, and you can apparently earn up to 10x the points for each calculator.

Your Activities page will show you what’s available, whether it’s text or a calculator, working on a loan application, or anything else.

As mentioned, new members can earn 7,500 just for signing up and visiting the rewards page.

Those points are good for $75 in closing cost credits, which can offset closing costs on your loan,

Over time, you can earn more and more points and potentially save hundreds off your closing costs.

There’s no cost to join, and once you’ve created a Rocket account, you’ll automatically be enrolled in their rewards program. The numbers don’t even expire.

What can Rocket Rewards be used for?

Right now, Rocket Rewards can be redeemed for credit toward your closing costs on the Rocket Mortgage loan.

Each point appears to be worth one penny, so for every 10,000 points you earn, you’ll be worth $100.

This is similar to many credit card rewards programs that are typically redeemable every penny.

Once you have earned a good amount of points, you are able to redeem them. It is not clear whether there is a minimum redemption amount.

But either way, if you go to the My Rewards page on their website, you’ll be able to see what you can use your rewards points for.

For example, if you have a few thousand dollars in closing costs, say thank you for a home appraisal, title insuranceAnd so on, some of those costs can be offset.

And if you have more than one person on your mortgage, you can combine your points for up to $10,000 per loan.

Of course, you’ll need to use Rocket Mortgage for your home loan to actually redeem points.

In the future, they say they’ll be adding “more things you can redeem your points for.” It’s not clear what, but it may give you options beyond the closing cost credit.

For those who don’t apply for mortgages, their points may be worth something outside the mortgage realm.

But right now, they can’t be redeemed for anything beyond cash or the closing costs associated with rocket mortgage loans.

It should also be noted that Rocket Rewards points may be considered taxable in the same way as some credit card points or bank account rewards, at which point you may receive a 1099.

[See also: Rocket Mortgage Inflation Buster]

Is the Rocket Rewards Program a Good Deal?

While it’s nice to see mortgage loyalty programs as little as they are, you need to consider the bigger picture.

That is, once you take into account the interest rate and closing costs, what is the total cost of the mortgage minus any rewards.

For example, if another lender is offering no closing costs and the same rate, or a low mortgage rates With comparable closing costs, this may be a better offer.

Even if you can offset the closing costs, it may not mean much if the net price is high.

Of course, the program is free to join and earn points typically through educational articles and videos.

And I’m totally in favor of financial literacy, which gets far less attention than everything else.

so if it’s a means of learning more how do mortgages workThis can be beneficial regardless of whether or not the points are actually redeemed.

As always, take the time to get several mortgage quotes from different lenders to make sure you don’t miss out on the best deal.

You can learn something every time you talk to a different party, no matter who mortgage brokerCredit union, bank, or other direct lender.

Rocket Mortgage expects the Rocket Rewards program to strengthen its already strong brand loyalty, with a net customer retention rate of 93% over the previous year ending June 30, 2022.

(Photo: nicole eary,

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