Rocket Mortgage Canada Review 2024
Sep 3, 2024While Rocket Mortgage is a well-known lender in the U.S., it’s also a mortgage brokerage in Canada offering loans for purchases, refinances and renewals.
Rocket Mortgage at a glance
In Canada, Rocket Mortgage is an online-only mortgage broker, offering homeowners in all 10 provinces and three territories access to more than 50 lenders.
Rocket Mortgage key features
Available in all Canadian provinces and territories.
Acts as a mortgage brokerage with access to rates from over 50 mortgage providers.
Also offers a home equity loan and home equity line of credit (HELOC).
Provides purchase, renewal or refinance loans with fixed or variable rates.
Rocket Mortgage loan types
Traditional mortgage
Refinance
Renewal
Fixed-rate mortgages
Variable-rate mortgages
Pros
- Access to a large number of lenders.
- Many types of mortgages available.
- National footprint.
Cons
- Provides few details about available mortgage products.
- Low number of rates advertised online.
- In-person assistance may not be an option.
Rocket Mortgage review
Edison Financial was founded in 2020 and rebranded in 2022 to become Rocket Mortgage Canada.
The Rocket Mortgage brand also operates in the United States, where it acts as a lender and was the largest mortgage lender by loans originated in 2022. Because the same brand operates in both countries, it can be difficult to tell whether reviews are talking about the U.S. or Canadian version of Rocket Mortgage. This NerdWallet review focuses only on Rocket Mortgage Canada.
In Canada, Rocket Mortgage is not a direct lender, meaning it doesn’t issue its own mortgages. Instead, it’s an online-only mortgage broker, offering access to more than 50 lenders. Rocket divides its offerings into purchase, renewal and refinance products, which are available in 5-year fixed and variable-rate options. However, it’s possible that additional terms and options are available from the lender partners.
Perhaps because of its broad pool of lenders, Rocket Mortgage works with homeowners in all 10 provinces and three territories.
Another interesting feature is Rocket Mortgage’s client referral program. If you refer someone who successfully receives a mortgage worth at least $300,000 through Rocket, each of you will receive $250.
Rocket Mortgage is fully online, so you never have to go into an office to sign papers, which could be a pro or con, depending on your preferences. The company headquarters are in Windsor, Ontario, though it’s unlikely you’ll ever need to visit in person.
Who is Rocket Mortgage best for?
Rocket Mortgage may be a good choice for home buyers who are in the market for variety. Rocket Mortgage, which is an online-only mortgage broker in Canada, has a network of more than 50 mortgage lenders.
Rocket Mortgage works with homeowners in all 10 provinces and three territories.
Rocket Mortgage feature overview
Mortgage variety
Rocket Mortgage is a brokerage, which means it has access to mortgage options from multiple lenders (the company says it works with more than 50 lenders). Rocket Mortgage also offers its own mortgage products, but it doesn’t distinguish its own loans from other lenders in the information it provides online. Rocket Mortgage’s website mentions the following types of mortgages by name:
Fixed-rate mortgages.
Variable-rate mortgages.
Home equity lines of credit.
Bad credit mortgages.
Renewals and refinances.
Mortgages for second homes.
The company also states it has options for less conventional types of mortgages, too, though it doesn’t get into specifics.
Ease of application
You won’t find application forms online. To get started, you’ll need to submit an online contact form or call one of Rocket’s agents.
Online pre-qualification: No. This isn’t an option on Rocket’s public website.
Online pre-approval: No.You can’t submit a pre-approval form on Rocket’s public website.
Online mortgage application: No. There’s no application directly on Rocket’s website. If you select the button that says “Apply Now” you can submit some details and request to be contacted by a Rocket representative.
In-person option: Technically, Rocket Mortgage has an office in Windsor you can visit, but expect to do all business online and over the phone.
Mortgage rate transparency
Rocket Mortgage advertises a limited number of mortgage rates compared to other brokerages NerdWallet has reviewed. Rocket posts rates without APR for:
Five-year fixed mortgages.
Five-year variable mortgages.
Other details
Comparatively little information provided online. Rocket Mortgage doesn’t provide information you can find on some other broker sites, such as the range of terms available.
Nationwide availability. Rates are available for all provinces and territories.
Reviewing your broker
Comparing brokerages can be harder than comparing lenders, largely because the individual broker you work with plays a big role in your experience. Good questions to ask potential brokers include: Their experience working with situations similar to yours, their background in the field and the number of lenders they have relationships with.
Customer satisfaction ratings
Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average opinion of Rocket customers; for example, unhappy customers may be overrepresented. Nevertheless, these sites are one way to learn about others’ experiences with Rocket Mortgage.
Rocket Mortgage had a Trustpilot rating of 4.7 out of 5 possible stars based on more than 28,000 customer reviews at the time of this writing.
Rocket Mortgage Canada does not appear to have any customer ratings on the Better Business Bureau website at the time of this writing. Rocket Mortgage is not accredited by the BBB and does not have a rating from the BBB itself.
You can reach Rocket Mortgage customer service via phone and email.
Rocket Mortgage eligibility requirements
Possibly because it deals with so many different mortgage lenders, Rocket Mortgage doesn’t publish specific eligibility requirements on its website. It’s possible that each lender has its own requirements, so be sure to ask questions about eligibility when you connect with a Rocket Mortgage broker.
In general, lenders consider factors like your income, debt load and credit score when deciding if you’re eligible for a mortgage. You also may be required to pass the mortgage stress test.
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Nerdy TipUse a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.
How to apply for a mortgage with Rocket Mortgage
You can start the mortgage process at the Rocket Mortgage website, but you can’t fill out a full online application. Here’s what you can do on your own:
Step 1: Start here
Go to the Rocket Mortgage website and click “Buy a Home.”
Step 2: Begin the process
Select 'start my approval' to begin the process.
Step 3: Complete the application
After choosing “Purchase” from the options that follow, enter the required information about you and your upcoming home purchase, including:
When you plan to purchase.
Whether you’re a first-time home buyer.
The home’s purchase price.
Your down payment savings.
Your overall credit standing.
Your contact information.
Where you intend to purchase.
You’ll then be contacted by a Rocket Mortgage agent regarding your borrowing options.
Alternatives to Rocket Mortgage
Lender type | Mortgage brokerage | Big Bank lender | Non-bank lender |
Service area | National | National | National |
In-person service? | Yes | Yes | Yes |
Ease of application | Easy (online, phone, in-person) | Easy (online, phone, in-person) | Difficult (online, phone, in-person) |
Mortgage variety | Above average | Average | Above average |
Frequently asked questions
How do you choose the right mortgage lender?
How do you choose the right mortgage lender?
Selecting the right mortgage provider is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. You’ll need to do some research, make a list of what’s important to you, and spend some comparing offers from the different types of providers. You can start by following these steps:
Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.
Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.
Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.
Don’t focus too much on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.
» LEARN MORE: Read our guide to choosing a mortgage lender
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Clay Jarvis
Shannon Terrell
Clay Jarvis