u/KeyTelevision8301

First time home buyer shopping for mortgage here. All of the quotes I received today was above 6.2. But then I got this quote from Rocket and it seems to good to be true. What are the catch here?

Purchase price $1,000,000, 20% down payment $200,000
Loan amount $800,000
First year rate reduction (covered by Rocket Mortgage) 4.75% - principal and 
intertest will be $4,173 ( 12 month savings will be $5,952)

Year 2-5 rate will be 5.75% - principal and interest will be $4,669
For a 5 year ARM the total charge based on todays market is $16,043 we are 
giving you a lender credit of $6,016 – you will be paying $10,027 in points 
and fees. If you take into account the savings from the first year buydown 
we are giving you, your are technically only paying around $4,075 for the 
lowest rate on the market.