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Published May 9, 2024
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Rocket Mortgage Canada Review 2024

While Rocket Mortgage is a well-known lender in the U.S., it’s also a mortgage brokerage in Canada offering loans for purchases, refinances and renewals.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Rocket Mortgage at a glance

In Canada, Rocket Mortgage is an online-only mortgage broker, offering homeowners in all 10 provinces and three territories access to more than 50 lenders.

    • Available in all Canadian provinces and territories.
    • Acts as a mortgage brokerage with access to rates from over 50 mortgage providers.
    • Also offers a home equity loan and home equity line of credit (HELOC).
    • Provides purchase, renewal or refinance loans with fixed or variable rates.
    • Traditional mortgage
    • Refinance
    • Renewal
    • Fixed-rate mortgages
    • Variable-rate mortgages


    • Access to a large number of lenders.
    • Many types of mortgages available.
    • National footprint.


    • Provides few details about available mortgage products.
    • Small number of rates advertised online.
    • In-person assistance may not be an option.

    Rocket Mortgage review

    Edison Financial was founded in 2020 and rebranded in 2022 to become Rocket Mortgage Canada. 

    The Rocket Mortgage brand also operates in the United States, where it acts as a lender and was the largest mortgage lender by loans originated in 2022. Because the same brand operates in both countries, it can be difficult to tell whether reviews are talking about the U.S. or Canadian version of Rocket Mortgage. This NerdWallet review focuses only on Rocket Mortgage Canada.

    In Canada, Rocket Mortgage is not a direct lender, meaning it doesn’t issue its own mortgages. Instead, it’s an online-only mortgage broker, offering access to more than 50 lenders. Rocket divides its offerings into purchase, renewal and refinance products, which are available in 5-year fixed and variable-rate options. However, it’s possible that additional terms and options are available from the lender partners. 

    Perhaps because of its broad pool of lenders, Rocket Mortgage works with homeowners in all 10 provinces and three territories. 

    Another interesting feature is Rocket Mortgage’s client referral program. If you refer someone who successfully receives a mortgage worth at least $300,000 through Rocket, each of you will receive $250. 

    Rocket Mortgage is fully online, so you never have to go into an office to sign papers, which could be a pro or con, depending on your preferences. The company headquarters are in Windsor, Ontario, though it’s unlikely you’ll ever need to visit in person.

    Who is Rocket Mortgage best for?

    Rocket Mortgage may be a good choice for home buyers who are in the market for variety. Rocket Mortgage, which is an online-only mortgage broker in Canada, has a network of more than 50 mortgage lenders.

    Rocket Mortgage works with homeowners in all 10 provinces and three territories.

    Rocket Mortgage feature overview

    Mortgage variety

    Rocket Mortgage is a brokerage, which means it has access to mortgage options from multiple lenders (the company says it works with more than 50 lenders). Rocket Mortgage also offers its own mortgage products, but it doesn’t distinguish its own loans from other lenders in the information it provides online. Rocket Mortgage’s website mentions the following types of mortgages by name:

    The company also states it has options for less conventional types of mortgages, too, though it doesn’t get into specifics. 

    Ease of application

    You won’t find application forms online. To get started, you’ll need to submit an online contact form or call one of Rocket’s agents.

    Mortgage rate transparency

    Rocket Mortgage advertises a limited number of mortgage rates compared to other brokerages NerdWallet has reviewed. Rocket posts rates without APR for:

    Other details

    Reviewing your broker

    Comparing brokerages can be harder than comparing lenders, largely because the individual broker you work with plays a big role in your experience. Good questions to ask potential brokers include: Their experience working with situations similar to yours, their background in the field and the number of lenders they have relationships with.

    Customer satisfaction ratings

    Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average opinion of Rocket customers; for example, unhappy customers may be overrepresented. Nevertheless, these sites are one way to learn about others’ experiences with Rocket Mortgage.

    You can reach Rocket Mortgage customer service via phone and email. 

    Rocket Mortgage eligibility requirements

    Possibly because it deals with so many different mortgage lenders, Rocket Mortgage doesn’t publish specific eligibility requirements on its website. It’s possible that each lender has its own requirements, so be sure to ask questions about eligibility when you connect with a Rocket Mortgage broker. 

    In general, lenders consider factors like your income, debt load and credit score when deciding if you’re eligible for a mortgage. You also may be required to pass the mortgage stress test.

    Nerdy Tip: Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.

    How to apply for a mortgage with Rocket Mortgage 

    You can start the mortgage process at the Rocket Mortgage website, but you can’t fill out a full online application. Here’s what you can do on your own:

    Go to the Rocket Mortgage website and click “Buy a Home.”

    Go to the Rocket Mortgage website and click “Buy a Home.”

    After choosing “Purchase” from the options that follow, enter the required information about you and your upcoming home purchase, including:

    1. When you plan to purchase.
    2. Whether you’re a first-time home buyer.
    3. The home’s purchase price.
    4. Your down payment savings.
    5. Your overall credit standing.
    6. Your contact information.
    7. Where you intend to purchase.

    You’ll then be contacted by a Rocket Mortgage agent regarding your borrowing options.

    Alternatives to Rocket Mortgage

    True North MortgageRBC MortgageFirst National Financial
    Lender typeMortgage brokerageBig Bank lenderNon-bank lender
    Service areaNationalNationalNational
    In-person service?YesYesYes
    Ease of applicationEasy (online, phone, in-person)Easy (online, phone, in-person)Difficult (online, phone, in-person)
    Mortgage varietyAbove averageAverageAbove average

    Frequently asked questions about Rocket Mortgage

    How do you choose the right mortgage lender?

    Selecting the right mortgage provider is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. You’ll need to do some research, make a list of what’s important to you, and spend some comparing offers from the different types of providers. You can start by following these steps:

    1. Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.
    2. Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.
    3. Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.
    4. Don’t focus too much on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.

    » LEARN MORE: Read our guide to choosing a mortgage lender


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