It’s easy to see why Rocket Mortgage is the largest home loan lender in the US and well reviewed in Canada. It’s a good choice for first-time homebuyers across all of Canada, offering helpful brokers and online tools to walk you through the process.
Its online application is quick and streamlined, making 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.
| 5-year variable | 5-vear fixed | |
|---|---|---|
| Refinance | 6.80% | 5.59% |
| Renewal | 6.25% | 4.79% |
| Purchase | 6.25% | 4.99% |
Rates last verified April 9, 2024
While Rocket Mortgage does not explicitly state its closing costs on its website, it does estimate that closing costs typically fall between 1.5% and 4% of the home’s purchase price. It’s important to keep in mind that closing costs vary greatly depending on each specific selling process.
Closing costs 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:
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.
Rocket Mortgage will also look at your affordability when assessing potential mortgage approval. You’ll have a better chance of approval if the total cost of the mortgage you’re applying for (principal, interest and property taxes) does not exceed 39% of your pre-tax income, with your total debt payments not exceeding 44%.
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%.
To apply for a mortgage, you’ll need to provide information:
Use the steps below to apply for a mortgage:
Rocket Mortgage offers 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.
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.
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.
Neo Mortgage
Interest Rate (APR)
4.84%
Loan Term
5-year fixed rate
Provincial availability
Not available in Quebec
Homewise Mortgages
Interest Rate (APR)
Loan Term
Varies
Provincial availability
AB,BC,MB,NB,NL,NS,ON,SK
BMO Mortgages
Interest Rate (APR)
5.31%
Loan Term
5 Year Fixed Rate
Provincial availability
All of Canada
Most customers speak highly of the responsive customer service of its mortgage specialists. The poor reviews mostly focus on either frustration around not getting approved or a lengthy information-gathering process where customers were required to send multiple rounds of documents over a long while.
Rocket Mortgage US is accredited with the BBB and has closed 1,009 customer complaints over the last three year.
| Feature | Details |
|---|---|
| Google reviews | 4.8 out of 5 stars, based on 918 Rocket Mortgage Canada reviews |
| BBB accredited | Yes (for Rocket Mortgage US) |
| BBB rating | A+ (for Rocket Mortgage US) |
| BBB customer reviews | 2.01 out of 5 stars, based on 1,154 Rocket Mortgage US reviews |
| Trustpilot score | 4.7 out of 5 stars, based on 25,272 Rocket Mortgage US reviews |
| Customer reviews verified as of | April 9, 2024 |
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 rebranded 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.
On August 8, 2022, Edison Financial – a Windsor, Ontario-based mortgage broker company – changed 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 continued to offer mortgage broker services, it also now operates as a direct lender.
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