Rocket Mortgage Review 2024: Get Free Quotes Online
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Discover the methodologyLooking for an honest review of Rocket Mortgage? You’re in the right place! With a digital-first approach, competitive rates, and a Verified Approval Letter that gives you an edge in bidding wars, Rocket Mortgage is quickly becoming a favorite for Canadian homebuyers.
In this review, we’ll dive into everything you need to know about Rocket Mortgage — from how it compares to other lenders, to its seamless online process that’s perfect for first-time buyers. Read on to see if Rocket Mortgage is the right fit for your home financing needs.
Rocket Mortgage: Key Takeaways
- Digital-First Approach: Entire mortgage process completed online, from approval to closing.
- Competitive Rates: 5.50% on 5-year fixed and 4.34% on 5-year variable rates.
- Verified Approval Letter: Strengthens your offer in competitive housing markets.
- Flexible Prepayment Options: Allows extra payments without penalties or restrictions.
- Mortgage Portability: Transfer your mortgage to a new property seamlessly.
- 150-Day Rate Lock: Longer than most lenders for added security and flexibility.
- Specialized for First-Time Buyers: Easy process with resources for new homeowners.
Our Rocket Mortgage Review
Rocket Mortgage has made a strong entry into the Canadian mortgage market with its digital-first approach and competitive rates. Originally launched as Edison Financial, it rebranded to Rocket Mortgage Canada in 2022. It is now part of the larger Rocket Mortgage family based in the U.S.
The company offers a variety of mortgage options, including fixed and variable-rate mortgages, mortgage refinancing, and home equity loans, making it competitive against larger banks like RBC and TD, as well as digital lenders such as Nesto.
One of Rocket Mortgage’s key differentiators is its Verified Approval Letter, which adds credibility to homebuyers’ offers and can be advantageous in competitive markets. Similarly, Nesto Mortgage offers a 150-day rate hold, but Rocket’s inclusion of flexible prepayment options and mortgage portability—allowing borrowers to transfer their mortgage to a new property without penalties—gives it an edge over some traditional and digital lenders.
While some lenders like True North Mortgage are known for lower rates, Rocket Mortgage’s fully digital mortgage process, from pre-approval to closing, offers more convenience and speed. The platform also targets first-time buyers by providing a seamless experience.
Rocket Mortgage’s commitment to customer satisfaction is evident from its high ratings: 4.7/5 on TrustPilot from over 37,000 reviews and a 4.8/5 rating on Google, surpassing some of its competitors in terms of client feedback. Its streamlined online process and focus on providing competitive rates position Rocket Mortgage as a top choice for Canadian borrowers who value a smooth, digital-first mortgage experience.
Expert advice
If you’re looking for a simple, stress-free mortgage process with competitive rates, Rocket Mortgage is a great choice. It’s ideal for first-time homebuyers who value a smooth, digital experience, as well as self-employed individuals needing flexibility and personalized service. With its Verified Approval Letter, Rocket can help strengthen your offer in a hot real estate market!
You can get free personalized quotes from Rocket Mortgage using our exclusive partner link.
Advantages and Disadvantages of Rocket Mortgage Canada
Pros
- Online convenience: Rocket Mortgage’s digital platform simplifies the application process for borrowers
- Competitive rates: Rocket Mortgage rates are competitive and often transparent
- Fast approvals: The streamlined, digital process offers borrowers the potential for fast approvals which can reduce stress
- Committed to customer service: A highlight of the company as they assist borrowers throughout the mortgage application process
Cons
- No local offices: While Rocket Mortgage offers a convenient online platform, they do not have any local, physical branches outside of Windsor in Canada
- Limited flexibility for complex situations: As with any streamlined process, Rocket Mortgage may struggle with complex cases as its bread and butter lies in standard mortgage applications
- Potential for delays: Due to their reliance on technology and focus on standard mortgage solutions, some borrowers may face delays if their application is very unique
- Limited product information: Despite having a well-developed digital application system, not many details are provided on their website
Wanting to compare more than one mortgage at a time? Look no further. Use HelloSafe’s online mortgage comparison tool below to find the best solution for your needs. Compare plans and get instant quotes online.
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What is Rocket Mortgage?
Rocket Mortgage Canada is an extension of Rocket Mortgage USA. In fact, Rocket Mortgage only entered the Canadian mortgage market in 2022 when Edison Financial in Windsor, Ontario, rebranded as Rocket Mortgage Canada.
Since Edison Financial was first and foremost a digital mortgage broker, Rocket Mortgage did not have to make any fundamental business changes upon acquisition. Furthermore, it allowed them to simply build upon the existing platform and more readily offer its technology to improve the mortgage buying experience in Canada.
In 2023, Rocket Mortgage Canada took the step from solely being a mortgage broker to also becoming a direct lender. This means that Rocket Mortgage in Windsor can offer its own mortgage products to clients directly, but the company still undertakes its brokerage services. This means that if better solutions are available from other lenders, Rocket Mortgage advisors will still be able to help customers find an attractive solution to their needs.
Good to know
Before diving into homebuying, it’s essential to understand what mortgage you can afford. Take a moment to calculate your affordability using our free online Mortgage Affordability Calculator. It’ll help you focus on properties within your budget and avoid surprises later on.
What are the Rocket Mortgage rates in Canada?
Rocket Mortgage interest rates are extremely competitive since the company and its mortgage advisors offer solutions from numerous lenders alongside its own products. This provides the company itself with a competitive edge against competitors and the possibility for customers to secure a loan at great rates.
The table below shows the Rocket Mortgage rates for their 5-year fixed and variable-rate mortgage products, for new purchases, renewals and refinancing. These mortgage rates are based on the assumption that the property will be owner-occupied with pre-payment privileges and a 25-year amortization.
| Type of Mortgage | Rocket Mortgage Purchase Rates | Rocket Mortgage Renewal Rates | Rocket Mortgage Refinance Rates |
|---|---|---|---|
| 5-year Fixed-Rate | 5.50% | 5.50% | 5.95% |
| 5-year Variable-Rate | 4.34% | 4.34% | 4.84% |
With access to over 50 lenders and mortgage solutions, Rocket Mortgage rates will vary drastically. The easiest way to get the cheapest rate and best mortgage deal is by getting a free personalized quote using our partner link below.
What are the factors affecting Rocket Mortgage rates?
While Rocket Mortgage rates in Canada are known to be incredibly competitive, it is important to know that the rates can fluctuate frequently based on a range of factors. These include:
- Prime rate: The prime rate is set by the Bank of Canada and is used by the vast majority of lenders to determine interest rates. When the Bank of Canada adjust the prime rate, so too will mortgage providers.
- Credit score: A borrower’s credit score may indicate their ability to pay back a loan. This normally indicates the level of risk the lender has to accept. Individuals with higher credit scores will often receive better interest rates.
- Down payment: Generally speaking, the larger the downpayment the lower the interest rates. When borrowers are able to place a higher downpayment it shows to the lender that they may be a better money manager.
- Term of loan: The loan term is the length of time it takes to pay off the loan. The higher the term, the higher the rate.
- Type of property: Sometimes the type of property that you are purchasing will affect the interest rate. This is because the loan is guaranteed by the property itself, and some properties carry a higher risk than others.
How much mortgage can I afford?
Unfortunately, mortgage rates are just one piece of the puzzle. They need to be considered alongside other factors such as your overall budget and financial security. To figure out exactly how much of a mortgage you can afford, try using our mortgage affordability calculator. It will help handle all the calculations and help give you financial clarity in an instant.
Comparing quotes will ensure you get the best deals. You can do it right here using our free tool below. Get multiple quotes online in seconds.
Compare mortgage rates now
How to contact Rocket Mortgage Canada?
The quickest and easiest way to speak to a customer service representative is to dial Rocket Mortgage’s phone number. However, you can reach the company using any of its contact details below.
| Method of Contact | Rocket Mortgage Contact Details |
|---|---|
| Rocket Mortgage Phone Number | (844) 733-4766 Monday to Friday: 8.30 am - 7.00 pm ET Saturday & Sunday closed |
| Rocket Mortgage Email | [email protected] |
| Rocket Mortgage Address | 156 Chatham Street West, Suite 2, Windsor, Ontario, N9A 5M6, Canada Office Hours: Monday to Friday: 8.30 am to 7.00 pm ET Saturday & Sunday closed |
Rocket Mortgage Login
The Rocket Mortgage Canada division has an online portal available to all borrowers that provides easy access to their loans. Once customers have registered, they can use their Rocket Mortgage sign in details to:
- Review and update their personal details
- Manage property tax
- Provide prepayment where available
- View their loan balance
- Make lump sum payments
- Update payment details
Finding the best mortgage rates can be arduous. But we've made it simple for you. Compare multiple mortgage rates online by using HelloSafe’s online mortgage comparison tool below. It's free to use and you get instant results.
Compare mortgage rates now
Rocket Mortgage FAQs
Still have more questions regarding Rocket Mortgage? The following Rocket Mortgage FAQs may answer your questions.
Yes, the Rocket Mortgage Windsor office acts as the company’s headquarters in Canada where customers are able to mortgage advisors in person. The office’s opening hours are Monday to Friday from 8.30 am to 7.00 pm.
Yes, Rocket Mortgage is a legitimate company with a presence in Canada since 2022.
The Rocket Mortgage Classic is a sponsored golf tournament which takes place in Detroit, Michigan, and is part of the PGA tour.
Rocket Mortgage Canada’s phone number is (844) 733-4766 and is monitored Monday to Friday from 8.30 am to 7.00 pm ET.
Rocket Mortgage's 5-year Fixed-rates and 5-year Variable-rates are currently 5.50% and 4.34%, respectively, for new homebuyers and renewals.
