Definition: The term "rocket mortgage" refers to a type of mortgage loan in which the borrower takes out a high-interest loan that quickly pays off using additional funds, usually from savings or income. A rocket mortgage, also known as a balloon mortgage, is a type of loan where the interest rate for the first few years of the loan will be higher than for many of its later years. This means that the borrower can borrow more money up front and pay it back over time using additional funds, such as savings or income. In this context, "rocket mortgage leaderboard" refers to a list or ranking system used by lenders to determine which borrowers are best suited to take out a certain type of loan based on factors such as credit score, debt-to-income ratio, and other financial data. The "leaderboard" can be used to identify the top borrowers who have the highest potential for making a high-interest loan payment. The term "rocket mortgage leaderboard" is typically used in lending contexts or in online platforms where lenders use this type of system to determine which loans are most likely to result in a higher interest rate. It can also refer to a similar list or ranking system used by banks and other financial institutions that determine which borrowers are best suited for specific loan products or types of credit. In summary, the "rocket mortgage leaderboard" refers to a list or ranking system used by lenders or financial institutions to evaluate borrowers based on factors such as their credit score, debt-to-income ratio, and other financial data. It can also refer to similar systems used by banks and other financial institutions to determine which loans are most likely to result in a higher interest rate.
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