Rocket Mortgage announced the introduction of Rate Drop Advantage – an exclusive program that brings confidence to homebuyers by covering a significant portion of closing costs of a refinance transaction if interest rates drop and they refinance within three years of purchasing a home.

Through Rate Drop Advantage, when clients refinance within the allotted timeframe, Rocket Mortgage will waive the fees for appraisal, credit report pulls, processing, underwriting and several other costs for an average savings of approximately $2,000, the company said.

Rate Drop Advantage gives buyers confidence in the midst of a rising rate environment by knowing if rates decrease within the three-year period after closing on their original purchase, they can easily and affordably refinance.

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