Rocket Mortgage Rates & Reviews
Rocket Mortgage Canada Background
Rocket Mortgage Canada is a mortgage brokerage that is part of the Rocket family of companies. Rocket Mortgage is the largest mortgage lender in the United States, and it entered the Canadian market in 2022 by the rebranding of Edison Financial to Rocket Mortgage Canada. While it’s only a mortgage brokerage for now, they have plans to also become a mortgage lender in Canada in the near future. Rocket Mortgage Canada looks to set itself apart from other mortgage brokers by being a fully digital company, where convenience and competitive rates are combined with excellent customer service.
Over 1,000 Mortgage Products and 50 Lenders
Rocket Mortgage has access to over 1,000 mortgage products from over 50 lenders. This makes Rocket Mortgage a one-stop shop for borrowers looking for the best mortgage product to suit their needs. Rocket Mortgage’s user-friendly process also allows borrowers to complete their loan applications in minutes. This is possible due to its streamlined application process, powered by Lendesk’s Spotlight platform, which Rocket Mortgage claims that applications can be done in three minutes or less. There's also no commitment or obligation when you make a mortgage application with Rocket Mortgage. The most common homes purchased with Rocket Mortgage include single-family homes, condos, second homes, and investment properties.
Rocket Mortgage Fixed Mortgage Rates
Rocket Mortgage currently offers fixed rate mortgages with term lengths ranging from 6 months to as long as 10 years in Canada. While their most popular mortgages are their 5-year fixed rate and 5-year variable rate mortgages, they do tout their 3-year mortgages as having a lower rate.
The table below shows Rocket Mortgage’s current 5-year fixed mortgage rate. It’s for mortgages that are insured, which means that the maximum amortization period allowed is 25 years, the home purchase price is below $1 million, and your debt levels are below certain limits. This special 5-year fixed rate also requires a down payment of less than 20%, but more than the minimum down payment requirement of 5%. This is all to conform to CMHC eligibility rules for CMHC-insured mortgages, which offer better rates than conventional mortgages. Rocket Mortgage fixed rates listed below are current as of May 01, 2024.
| Term | Rocket Mortgage Rate | Canada's Lowest Rate |
|---|---|---|
5-Year Fixed | 4.99% $2,324/mo | - |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false
Rocket Mortgage Variable Mortgage Rates
If you’re looking for a mortgage with a variable rate, Rocket Mortgage has those too! Rocket Mortgage’s variable-rate mortgage has an interest rate that can change over time, based on changes in the Bank of Canada’s policy interest rate, which affects lender prime rates. If the Bank of Canada hikes rates, your variable rate will increase. However, rate cuts will allow for your mortgage interest rate to decrease too.
Rocket Mortgage currently lists its 5-year variable mortgage rate. This rate is for insured/insurable mortgages, which means a maximum amortization of 25 years and a maximum purchase price of $1 million, with a maximum loan-to-value (LTV) ratio of 95%.
| Term | Rocket Mortgage Rate | Canada's Lowest Rate |
|---|---|---|
5-Year Variable | 6.25% $2,619/mo | - |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false
Mortgage Features by Rocket Mortgage
Mortgage Portability
Mortgage portability is the process of transferring an existing mortgage from one property to another, while maintaining the same terms and interest rate. This process allows homeowners to sell their current home and purchase a new home without having to start over with a new mortgage. Rocket Mortgage allows you to port mortgages with little or no penalty. You can also port over your mortgage loan insurance. Not all mortgages allow for mortgage portability, so be sure to check with your Rocket Mortgage agent if this is a mortgage feature that you want to have.
Mortgage Prepayments
Rocket Mortgage allows you to make prepayments towards your mortgage. A mortgage prepayment is when you make additional payments towards your mortgage. This might be by making lump-sum payments, by increasing your regular mortgage payment amount, or by paying off your mortgage early. Prepayments save borrowers money by reducing the principal of the loan, which then reduces the total amount of interest they pay on their mortgage loan. However, making more prepayments than allowed can cause you to be charged significant mortgage prepayment penalties.
Open Mortgages
An open mortgage is a type of loan that allows for early payment without facing any financial penalty. It is the most flexible option for homeowners who may want to pay off their mortgage or make large prepayments as they don’t have any prepayment limits or penalties like closed mortgages do. In exchange for this flexibility, open mortgages have a higher interest rate than closed mortgages. Open mortgages are one type of mortgage offered by Rocket Mortgage.
Rocket Mortgage's Verified Approval Letter
Rocket Mortgage's Verified Approval Letter is a powerful tool that can give potential homebuyers the assurance they need to move forward with the purchase of their dream home. This letter is a mortgage pre-approval letter that homebuyers can use to show sellers that you have financing in place. In order to get a Verified Approval Letter from Rocket Mortgage, you’ll need to provide the following:
- Government-issued photo ID
- Employment and residence history
- Proof of income
- Proof of down payment
- Summary of assets, savings, and investments
- Summary of debts
If your mortgage loan does not close or you did not get approved for a mortgage, even if you have gotten a Verified Approval Letter and your financial situation has not changed, then Rocket Mortgage will give you $1,000. This is paid out to you as a cheque.
High-Ratio Mortgages
Making a down payment of less than 20% of the home’s purchase price would make a mortgage a “high-ratio” mortgage. That’s because mortgages with a down payment of less than 20% are required to be insured in Canada. High-ratio mortgages have lower mortgage rates, but require you to pay for mortgage default insurance. The Rocket Mortgage rates listed on this page include rates for high-ratio insured mortgages.
Self-Employed and Bad Credit Mortgages
Self-employed borrowers and those with bad credit may find it harder to obtain a mortgage. Rocket Mortgage can help self-employed borrowers and those with a credit score of less than 620 with getting a mortgage.
Home Equity Loans/HELOCs
Home Equity Loans and Home Equity Lines of Credit (HELOC) are types of loans that use the home equity built in a homeowner's property as collateral. Homeowners use home equity loans or HELOCs to fund major expenses such as education, home improvements, renovations, and more. They can also be used to consolidate debt. Rocket Mortgage offers home equity loans as another option for borrowers looking to refinance their mortgage, as well as HELOCs.
Get $350 By Referring a Friend to Rocket Mortgage
If you refer a friend or family member to Rocket Mortgage, both you and your referral will receive $350 cash after closing. You'll need to submit a referral form with you and your referral's contact information. The cash is paid out as a cheque 6 to 8 weeks after the mortgage is closed.
Rocket Mortgage History
Rocket Mortgage Canada used to be called Edison Financial. In 2022, Edison Financial renamed itself to Rocket Mortgage Canada ULC, operating as “Rocket Mortgage”.
Edison Financial was founded in 2020, and has since grown to become one of the top 5 largest mortgage brokerages in Canada. Edison Financial was also the fastest brokerage in Canada to reach $1 billion in annual submitted mortgage volume. Its headquarters remain in Windsor, Ontario. Another Rocket company is also located in Windsor, the Rocket Innovation Studio, which is a technology incubator.
In the United States, Rocket Mortgage is the country's largest mortgage lender and was the first fully digital mortgage platform in the U.S. when it launched in 2015. Other Rocket companies include Amrock Title Insurance Company, Lendesk, Rocket Loans for personal loans, Rocket Homes for real estate agents and home listings, Rocket Auto for car loans, Rocket Money as a personal finance app, and Rocket Solar for solar panel installations.
Rocket Mortgage Reviews
Rocket Mortgage is gaining more and more attention in Canada as it offers an innovative, convenient way to purchase a home. Rocket Mortgage Canada reviews are overwhelmingly positive, with many noting how user-friendly and straightforward the process is. Customers praise how easy it is to get pre-approved for a mortgage loan and how quick the application process is.
On Google, Rocket Mortgage Canada is rated 4.8/5 from close to 500 reviews. Rocket Mortgage prominently displays these reviews on their website.
Rocket Mortgage Canada’s parent company, Rocket Mortgage, has plenty of glowing reviews in the United States.
Rocket Mortgage is an accredited business by the Better Business Bureau (BBB), with an A+ rating. By consumers, they have a 2.57/5 rating on BBB from 1,753 customer reviews.
Consumer Affairs gives Rocket Mortgage an 4.0/5.0 rating from 1,870 ratings.
Trustpilot gives Rocket Mortgage an Average rating, with 3.7/5 stars from 4,255 reviews.
Employees have given Rocket Mortgage a 3.5/5 star rating on Glassdoor from 4,252 reviews, and a 3.6/5 star rating on Indeed from 2,000 reviews.
Rocket Mortgage Availability
Rocket Mortgage is a licensed mortgage brokerage that currently operates in all provinces and territories in Canada. Rocket Mortgage currently has the following brokerage license numbers:
Ontario: FSRA #13214
British Columbia: BCFSA #X301120
Quebec: AMF #607429
Nova Scotia: #2021-300364
New Brunswick: FCNB #210049254
Saskatchewan: FCAA #510558
Rocket Mortgage is also a completely digital company. This means that you do not have to visit an office in person to submit or sign documents. Instead, everything can be done online.
Rocket Mortgage Locations
Rocket Mortgage has one physical office location that you can visit in Canada. It's located in Windsor, Ontario, and is open from 8:30 AM to 9:00 PM from Monday to Friday, and open from 9:00 AM to 4:00 PM on Saturdays. If you can't visit their office in person, you can contact Rocket Mortgage by calling or emailing.
Rocket Mortgage Office
156 Chatham St. W.
Suite 2
Windsor, Ontario N9A 5M6
Canada
Rocket Mortgage Phone Number
(844) 733-4766
Rocket Mortgage Email
support@rocketmortgage.ca