I’ve always found Rocket Mortgage a great way to search for mortgages in Canada.
If you’re looking for a mortgage, whether to purchase a property or refinance your existing mortgage, it’s worth exploring.
In this review, I’ll look at what Rocket Mortgage is, how it works, the pros and cons, interest rates, and more.
Key Takeaways
- Rocket Mortgage is a mortgage brokerage operating throughout Canada.
- You can use it to find mortgages from over 50 lenders.
- It provides purchase, refinance, and renewal mortgages as well as HELOCs.
- You can arrange your mortgage online without visiting an office in person.
Who is Rocket Mortgage?
Rocket Mortgage recently moved into the Canadian market when Edison Financial was rebranded to Rocket Mortgage Canada.
Edison Financial was only founded a few years earlier, but it was already one of the largest mortgage brokerages in the country when it rebranded.
Rocket Mortgage operates as a mortgage brokerage in Canada, and you can find mortgages from several lenders here.
One thing I like about Rocket Mortgage is that it’s fully digital. The whole purpose of this is to make finding a mortgage quick and simple.
It also offers good customer service and competitive interest rates, and you can find mortgages from over 50 lenders. That’s an impressive selection, and I find this useful for getting a good overview of my options.
It’s also user-friendly, so you can complete your application in minutes using the streamlined process, making the mortgage application process easier than ever.
Rocket Mortgage Rates
Rocket Mortgage offers fixed-rate and variable-rate mortgages, and you can see the daily rates here.
Interest rates change all the time, and while it does not provide much information about rates, it does provide a few five-year mortgage rates, which I provide below.
Refinance Mortgage
Refinancing your mortgage is when you want to trade your existing mortgage for a new one, usually to take advantage of a better interest rate.
Your new lender essentially uses the new mortgage to pay off the old one. While getting a better mortgage rate is the main reason for doing this, you might also refinance to reduce the mortgage term, move to a fixed-rate mortgage, or access home equity.
Refinance Mortgage lists the 5-year fixed-rate mortgage at the time of writing as 5.69% and the 5-year variable rate as 6.70%.
This is based on a mortgage with a 25-year amortization and 0 to 80% LTV.
Renewal Mortgage
When your mortgage term ends, you will need to renew it. You may renew with your existing mortgage provider, but you might want to see what else is available.
At Rocket Mortgage, you can compare the mortgages available with the one you currently have to see if you can get a better rate and pay lower fees.
The current 5-year fixed rate is 4.89%, and the 5-year variable rate is 6.00%. These are based on a 25-year amortization and 0 to 80% LTV.
Purchase Mortgage
A purchase mortgage is the standard option for anyone wanting to buy a new home.
The Rocket Mortgage 5-year fixed rate is currently 5.09%, and the 5-year variable rate is 6.00%.
This is based on an 80-95% LTV for the fixed rate and 0-95% LTV for the variable rate.
Related: How to transfer your mortgage.
Home Equity Line of Credit
You can also get a home equity line of credit (HELOC) or home equity loan at Rocket Mortgage. I find these a useful way to tap into equity and borrow money against the value of your home.
When you use your home as collateral, you can get a more competitive interest rate and use the money to make a larger purchase or spend it on renovations.
With a HELOC, you get access to credit when you need it and pay interest only on the amount you borrow.
Rocket Mortgage Features
Rocket Mortgage has several features that I want to highlight:
- Everything is done online, from getting your quote to applying and closing the mortgage, with no need to visit any offices, which I find convenient.
- There are several useful Rocket Mortgage calculators, including a mortgage payment calculator, home affordability calculator, and mortgage amortization calculator.
- Rocket Mortgage can help you find mortgages from over 50 lenders, including Home Trust and Scotiabank.
- You can get high-ratio mortgages where the down payment is less than 20%.
- You can get a Verified Approval Letter, a bit like a Rocket Mortgage pre-approval, that verifies your information and shows you have a promise of financing, which can help you when negotiating.
Advantages of Rocket Mortgage
- Many mortgages are available from over 50 top mortgage lenders in Canada, ensuring plenty of choice.
- You can apply for a mortgage without the need to visit any offices and speak to anyone in person.
- Quick application process so you can find out about your options fast.
- Good reputation as part of the Rocket family of companies.
- Available in all provinces and territories in Canada.
- Option to apply for a HELOC as well as several mortgage products.
- Selection of useful calculators and mortgage information provided on the website.
Downsides of Rocket Mortgage
- Some people may prefer meeting with a mortgage specialist in person rather than doing everything online.
- Rocket Mortgage is a brokerage rather than a lender, so you may prefer going directly to the lender.
How to Apply for Rocket Mortgage
Rocket Mortgage is available in all provinces and territories in Canada.
To apply for a mortgage, you must provide the standard documents, including a photo ID, proof of income, and a summary of your debts and assets.
You can get started on the website by clicking the “Estimate My Rate” button on the homepage.
It will ask you a series of questions, including the type of mortgage you want, how you will purchase your home (e.g. buying in 30 days, offer pending, etc.), whether you are a first-time buyer, and more.
At the end of the process, someone will contact you with information about suitable mortgages, and you can take it from there.
Is Rocket Mortgage Safe and Legit?
If you read any other Rocket Mortgage reviews like this, you’ll quickly see that it is safe to use. It is a licensed mortgage brokerage you can trust, and it claims to use industry-recognized security protocols to keep your data safe.
Check out our recommended mortgage providers below.
Featured Mortgage Offer
Neo Mortgage
On Neo Financial’s website
- Compare mortgage rates across several lenders
- Access to competitive rates and online applications.
- Available Canada-wide
- Accepts a wide range of credit scores
FAQs
Whether you get approved for a Rocket Mortgage depends on your personal situation, including your credit score. However, many mortgages are available from over 50 lenders, so you may find something suitable.
Rocket Mortgage in Canada is a mortgage brokerage, so it will help you find the best mortgage for your situation from top lenders in the country.
This depends on the mortgage and your situation, but it could be as little as five or six weeks.
Rocket Mortgage is not a lender in Canada but a mortgage brokerage. It is part of the Rocket family of companies.
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