“Deposit Rocket allows the buyer to unlock their home equity, instantly. The guarantee stands in the place of a cash deposit until closing,” said Deposit Rocket’s CEO Don Miller. “They can also unlock equity in their liquid assets and if they’re awaiting a gift from their parents, for example, they can access the home equity that exists in their parents’ home.”
Miller noted that house hunters, especially in Canada’s major cities, often find their dream homes only to then start scrambling for enough deposit money, frequently drawing upon several sources. If it’s not as large as it could be, their offers could be rejected immediately.