The parent company behind Rocket Mortgage has announced it is entering the solar loan market.
“Rocket Companies is uniquely positioned to build trust and education in solar, simplifying the entire process through our platform. We have the technology and expertise to deliver the best possible experience to homeowners looking to go green,” said Jay Farner, vice chairman and CEO of Rocket Companies. “This is a perfect synergy between our companies as we develop a digital solution to ensure Americans can receive solar panels with the same assurance they have come to expect from working with our Rocket platforms.”
The company’s Rocket Cloud Force will serve as solar consultants, a dedicated group of team members with extensive industry training. The team members will help customers determine if solar panels are the best choice for their home. They then connect homeowners with a simple, digital financing application. Once funding is in place, the Rocket Cloud Force will facilitate the installation of a new solar solution.
This new solar offering will begin testing in Q4 and is expected to be available to the public in early 2022.
As Rocket Companies’ first move into green energy, Rocket Mortgage is immediately releasing a new interest-term refinancing, giving homeowners the ability to consolidate any solar-powered loan with their mortgage for one low-rate. This program has an advantage over traditional cash-out refinancing, as interest-term mortgages offer more flexible guidelines than cash-out, including a loan-to-value (LTV) ratio of as much as 97%. This new Rocket Mortgage loan option is crucial for anyone who has an outstanding solar loan. In addition to lower interest rates, this new mortgage program also allows homeowners to use the full value of their existing federal solar tax credit (ITC) and any other local tax credits they qualify for.
News item from Rocket Companies