RentRewards helps renters become homeowners

With 92% of Americans wanting to own a home, homeownership is a big piece of the American Dream. Beyond being able to put down roots, there’s a monetary incentive to this as well. Data from the National Association of REALTORS^® shows the average homeowner has a net worth 40 times higher in their lifetime versus the average renter.

Despite the obvious benefits, many renters may feel trapped in their current rental agreements because monthly rent expenses keep them from saving for a home. RentRewards offers clients currently in rental agreements a credit equal to 10% of their annual rent amount to be used toward closing costs.¹

How it works

RentRewards offers a lender credit worth 10% of your yearly rent amount, up to $5,000, toward your closing costs. Everyone thinks about the down payment, but the costs associated with closing on your home can be 3% – 6% of your purchase price. So having this boost could be a big deal.

To figure out how much you might qualify for, use the following equation:

Monthly rent payment × 12 × 0.1

For example, if you have a $2,500 monthly rent payment, you would qualify for a lender credit of $3,000.

Qualifying for RentRewards

To qualify for RentRewards, we need to validate your rent payment. You can show one of the following:

• Lease agreement
• Bank statement
• Canceled check

This offer is only open to those purchasing a primary residence.

Determining whether buying a home makes sense

When deciding if now is the time to stop renting and work toward purchasing a home, one of the first things to do is figure out whether buying makes more financial sense than renting in your situation. For that, you can use a couple of calculators.

Our rent vs. buy calculator allows you to figure out whether you save more on a monthly basis and in total cost by buying or renting. The inputs are your estimated purchase price, down payment savings, credit score, interest rate and monthly rent. After submitting, you’ll be able to see a full breakdown of the math.

If buying makes sense, the next step is to determine how much you can afford. Our home affordability calculator asks prospective home buyers to share where they’re looking to buy, their gross annual income, the cash they have to buy, monthly debt expenses, and credit score. This will give you a first estimate of your budget.

The bottom line: RentRewards could help you buy a home

If you can afford the monthly payment for a home, but your rent payment is hindering saving for the upfront costs, RentRewards could help by offering a credit for 10% of your annual rent payments toward closing costs. The amount of your credit is based on verification of your rent.

Are you ready to get started? You can apply online today.

¹ Clients who are current renters will receive a lender credit toward closing equivalent to 10% of the total amount of their 12-month current rental payment, up to $5,000. Current renters are defined as individuals who are currently under a lease agreement. Offer only valid on primary residences. Offer valid only through retail channels and on loans that are locked on or after February 11, 2025. Offer not available for Non-Occupant Co-Clients. Offer not available for partnerships. Offer not valid on Jumbo loans, Schwab products or previously locked or closed loans. Offer is nontransferable. Offer is not valid with any other discounts or promotions. Additional restrictions/conditions apply. Rocket Mortgage reserves the right to modify/cancel this offer at any time. This is not a commitment to lend.