Rocket Mortgage Canada Review 2024
Nov 1, 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 a lender and online-only mortgage broker, offering homeowners access to more than 50 additional lenders.
Rocket Mortgage key features
Available in all Canadian provinces and territories.
Access to rates from over 50 mortgage providers.
Also offers home equity loans and home equity lines 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.
Because the same brand operates in both Canada and the U.S., it can be difficult to tell which version reviews are talking about. This NerdWallet review focuses only on Rocket Mortgage Canada.
In Canada, Rocket Mortgage is both a lender and an online mortgage brokerage with access to more than 50 lenders across the country. 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 its lender partners.
Who is Rocket Mortgage best for?
Rocket Mortgage may be a good choice for home buyers who are in the market for variety. Rocket has a network of more than 50 mortgage lenders.
Rocket Mortgage feature overview
Mortgage variety
Fixed-rate mortgages.
Variable-rate mortgages.
Home equity lines of credit.
Bad credit mortgages.
Renewals and refinances.
Mortgages for second homes.
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.
Client referral program. If you refer someone who successfully receives a mortgage worth at least $300,000 through Rocket, each of you will receive $500.
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:
What’s your experience working with situations similar to mine?
Are you a full-time broker?
How many lenders do you 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 U.S. had a Trustpilot rating of 4.7 out of 5 possible stars based on more than 34,300 customer reviews at the time of this writing. There are no Trustpilot reviews available for Rocket Mortgage Canada.
Rocket Mortgage Canada did not appear to have any customer ratings on the Better Business Bureau website at the time of this writing. The company's not accredited by the BBB and does not have a rating from the BBB itself.
Rocket Mortgage eligibility requirements
Because Rocket Mortgage deals with dozens of lenders that have their own qualification criteria, the company doesn’t publish specific eligibility requirements on its website. 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.
Use 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
Is Rocket Mortgage a lender or brokerage in Canada?
Is Rocket Mortgage a lender or brokerage in Canada?
Rocket Mortgage Canada is both a lender and a mortgage brokerage.
Is Rocket Mortgage Canada a good brokerage?
Is Rocket Mortgage Canada a good brokerage?
Rocket Mortgage offers access to more than 50 Canadian lenders and advertises rates that are lower than those offered by most Big Six banks. Online customer reviews tend to be very positive.
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Clay Jarvis
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