Rocket Mortgage review

Is Rocket Mortgage available in Canada?

Yes. As of August 8, 2022, Edison Financial – a Windsor, Ontario-based mortgage broker company – will be changing its name to Rocket Mortgage with the aim of offering similar services as those available through its sister company in the US. While the company will continue to offer mortgage broker services, it plans to become a direct lender to Canadians within the year.

Our take on Rocket Mortgage

It’s easy to see why Rocket Mortgage is the largest home loan lender in the US and Edison Financial is one of the top mortgage brokers in Canada. It’s a good choice for first-time homebuyers, offering helpful brokers and online tools to walk you through the process.

Its online application is quick and streamlined, making the Edison Financial rebrand, Rocket Mortgage, a solid choice for homebuyers who like to independently work online. After you apply, you can choose whether you want to work in-person with a mortgage broker or continue the fully online process.

But if you need a specialty loan or help to work around the standard qualifying requirements, this lender will be of little help.

Rocket Mortgage requirements

To qualify for a loan with Rocket Mortgage in Canada, you’ll need a good minimum personal credit score, typically of 650 or above. However, a score of 740 or above will give you access to the best interest rates.

You’ll need to pay a down payment of at least 5% for a mortgage, but if your down payment is less than 20% you’ll be required to pay for mortgage insurance – commonly known as CMHC insurance – of anywhere from 2.8% to 4%.

Documentation

To apply for a mortgage, you may need to provide information like:

Rocket Mortgage costs and fees

Expect to pay about closing costs of 1.5% to 2.5% of your home purchase price to cover costs like land transfer taxes, home inspection and appraisal fees, tax on the CMHC insurance cost and any legal fees. Your fees may also include:

• Origination fee. This fee covers administrative costs.
• Application fee. You may be charged a deposit to cover your credit report, appraisal and loan processing.
• Ongoing fees. Read through the fine print carefully to find out if your specific loan type is subject to any ongoing fees or costs, like early repayment fees or late fees.
• Third-party fees. You may have to pay fees for services from third parties, like an application fee for your private mortgage insurance or taxes on the home’s purchase.

How to apply for a mortgage with Rocket Mortgage in Canada

Use the steps below to apply for a mortgage:

1. Navigate to the Edison Financial (Rocket Mortgage) website and select the Let’s Get Started button.
2. Select whether you want to renew your mortgage, purchase a home or refinance your mortgage, then click Next.
   
3. Step through the options, answering questions about the property you plan to purchase or your current mortgage.
4. Enter your estimated credit score (learn out how to get your credit score here).
5. Enter your personal contact information.
6. View your customized loan options and select your loan to submit an application.

What types of mortgages can I get through Rocket Mortgage in Canada?

As Edison Financial has done for years, Rocket Mortgage will continue to offer mortgages for home purchases. If your goal is to lower your monthly payments or free up some equity in your home, for example, you could instead opt to refinance your mortgage. Since mortgage renewal is required every 5 years, Rocket Mortgage can also help you compare rates to ensure you’re locking in a good deal when it comes time to renew your mortgage.

Alternatives to Rocket Mortgage

Rocket Mortgage is a solid choice if you want to apply online and get answers fast. As a broker, it offers multiple loan options beyond the standard loans you’d expect to see from a bank. But if you want to consider direct lenders or want to explore more options, there are alternatives.

For a borrower looking to tap their home’s equity, for example, Rocket’s only option is a full refinance. If you’d rather borrow against your equity, Breezeful offers both home loans and home equity lines of credit (HELOCs) with flexible loan amounts.

First time home buyers can see if you qualify to apply for any incentive programs, like the RRSP Home Buyers’ Plan, the First-Time Home Buyer Incentive and the First-Time Home Buyers’ Tax Credit.

Whether you choose a specific lender or use a mortgage broker, comparing your options is the best way to make sure you’re getting the best home loan for you.

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Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
Neo Mortgage Neo Mortgage		5.59%	5-year fixed rate	Varies	Not available in Quebec	Get a new mortgage, refinance or renew in just minutes. 100% online.	Go to site More Info	Compare	loading Fetching your data...
CASHBACK nesto Mortgages nesto Mortgages	CASHBACK	5.44%	5 Year Fixed Rate	680	All of Canada	Switch to nesto and get up to $4,300 cashback.	Go to site More Info	Compare	loading Fetching your data...
Homewise Mortgages Homewise Mortgages		Varies	Varies	600	Not available in Quebec	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to site More Info	Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		6.51%	5 Year Fixed Rate	Varies	All of Canada	Lock in a rate for up to 130 days - the longest of any major bank in Canada.	Go to site More Info	Compare	loading Fetching your data...

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Edison Financial reviews and complaints

Before rebranding to Rocket Mortgage Canada, Edison Financial had a 4.8 out of 5 star rating from Google based on 420 reviews, as well as a Trustindex of 4.8 out of 5 stars based on 303 reviews (as of July 2022). Most customers speak highly of the responsive customer service of its mortgage specialists. The poor reviews mostly center around some potential customers being frustrated with the response time or a lack of options compared to other brokers.

Rocket Mortgage has been accredited with the Better Business Bureau (BBB) since 1986 and has an A+ rating as of July 2022. Of the 1,748 BBB customer reviews, Rocket Mortgage has earned a 2.57 out of 5 stars. While most reviewers have good things to say, some borrowers warn of poor account communication among loan officers and report submitting the same documentation multiple times as a result. Rocket has closed 495 customer complaints over the last year.

Pros and cons of Rocket Mortgage

What is Rocket Mortgage in Canada?

Rocket Mortgage is the rebrand of the popular mortgage broker in Canada, Edison Financial. It launched in Canada in 2019 as Edison Financial under the parent company, Rocket Companies. In August 2022, it is rebranding to Rocket Mortgage to align with its US counterpart.

It offers a fully online experience where you can apply for and receive a mortgage entirely online without having to enter a physical store. The company’s goal is to offer more modern, streamlined technology-based solutions to the mortgage application process.