How could this mortgage loan program be structured?

Question

I was doing a cash-out refinance comparison on Credit Karma, with a total loan amount of ~$335,000, and received this list of offers to consider:

Google's mortgage calculator shows the standard monthly payment for this loan as being $2,234

and obviously that lines up well with the 2.25% and 2.375% payments listed.
Is there any way the RocketMortgage loan could be structured to have the same loan amount, a 25 basis point higher interest rate, and a 15% lower monthly payment, and still qualify as a 15-year fixed mortgage?

D Stanley · Answer

The only way that a fixed-rate loan could have a lower monthly payment is if there were a balloon payment at the end, or if the monthly payments increased over time, both of which should be very unusual and would need to be clearly indicated early in the process.
I originally thought that the "fees" could include points that would lower the rate, but that payment would equate to a roughly 0% rate (1831 * 15 * 12 = 329,580), and those fees aren't nearly high enough to lower the rate 2.5%.
Personally I'd assume it's just using a different loan amount (that payment gives a PV of $274,600).

How could this mortgage loan program be structured?

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