The parent company behind Rocket Mortgage announced it is entering the solar loan market.
“Rocket Companies is uniquely positioned to build trust and education in solar energy, simplifying the entire process through our platform. We have the technology and expertise to provide the best experience possible for homeowners who want to go green,” said Jay Farner, Vice Chairman and CEO of Rocket Companies. “This is a perfect synergy between our businesses as we develop a digital solution to ensure Americans can receive solar panels with the same certainty they have come to expect when working with our Rocket platforms.”
The company’s Rocket Cloud Force will serve as solar advisors, a dedicated group of team members with extensive training in the industry. The team members will help clients determine if solar panels are the best choice for their home. They will then connect homeowners to a simple, digital financing application. Once financing is handled, the Rocket Cloud Force will facilitate the installation of a new solar solution.
These new solar offerings will start in the testing phase in fourth quarter and are expected to be available to the public in early 2022.
As Rocket Companies’ first step into green energy, Rocket Mortgage is immediately releasing a new rate-and-term refinance giving homeowners the ability to consolidate any solar panel loan with their mortgage for one low interest rate. This program has an advantage over traditional cash-out refinances since rate-and-term mortgages provide more flexible guidelines than a cash-out, including a loan-to-value (LTV) ratio as high as 97%. This new loan option from Rocket Mortgage is crucial for anyone who has an outstanding solar loan. Beyond the lower interest rate, this new mortgage program also gives homeowners the ability to leverage the full value of their existing federal solar Investment Tax Credit (ITC) and any other local tax credits they may qualify for.
