Are you a first-time homebuyer in St. Louis looking for an affordable mortgage?

Rocket Mortgage’s new Welcome Home RateBreak program might be just what you need. This innovative program offers a significant interest rate discount for the first two years of your loan, making homeownership more accessible for low-income buyers.

How Does Welcome Home RateBreak Work?

• Temporary Rate Buydown: This program provides a temporary reduction in your interest rate for the initial two years of your mortgage.
• Eligibility Requirements: To qualify, you must have an area median income (AMI) of 80% or less and be purchasing a single-family home.
• Potential Savings: Rocket Mortgage estimates that millions of people nationwide meet the income eligibility criteria. The specific savings will depend on your loan amount and the initial interest rate.

Example:

• Loan Amount: $250,000
• Initial Rate: 6.99% (APR 7.399%)
• Year 1 Rate: 4.99%
• Year 2 Rate: 5.99%

Savings: Over $5,800

Additional Benefits:

• ONE+ Program: Pair Welcome Home RateBreak with Rocket Mortgage’s ONE+ for a 1% down payment.
• Rocket Pro TPO Channel: Work with a mortgage broker to access this program.

Is Welcome Home RateBreak Right for You?

While Welcome Home RateBreak offers substantial savings, it’s essential to consider the broader picture. Compare rates and fees from multiple lenders, including mortgage brokers, to ensure you’re getting the best deal.

Key Factors to Consider:

• Long-Term Costs: Evaluate the overall cost of the loan, including interest rates and closing costs.
• Future Refinancing: Consider the possibility of refinancing in the future if interest rates decline.

Ready to Explore Your Options?

Contact Carlson Mortgage today to learn more about Welcome Home RateBreak and discuss your homebuying goals. Our experienced mortgage brokers can help you find the perfect loan to fit your needs and budget. broker, you can make informed decisions about buying a home in this vibrant city. Call or text us at (314) 329-7314 or fill out our loan application at www.carlsonstl.com/apply.