Mortgages Made Simple and Free Credit Scores from Mogo.ca
If you live in Canada and you want a mortgage then there are plenty of banks and other financial institutions looking for your business. But there are also alternatives to using the banks. There are a lot of advantages of working with an expert mortgage broker and you get all of this and more at Mogo.ca.
Sure there are a number of mortgage brokers around but Mogo is “fintech” company. They offer a number of advantages which we will take a look at here. Everything is clean and simple with Mogo and they are very easy to work with. That’s not something that you can say about all companies in the mortgage business.
The Mogo App
The first thing that is impressive about Mogo is that they offer a really good financial management app. This is a really good app that offers a whole host of features. Here are some of the great things you can do with the Mogo app:
- You can access your credit score for free (more on this later)
- Apply for a mortgage
- Be pre-approved for a competitive personal loan
- Get the Mogo prepaid Visa card for spending control
- Buy and sell Bitcoin
- And more…
The Mogo app is a must have. There is a version you can download for the iPhone here (4.3 rating from 711 reviews as of Dec 10, 2018).
On Android devices you can download it here (4.2 rating from 1088 reviews). There are a number of cool new features planned for the app in the near future as well.
Compare these ratings with the Big Banks which have 3.5 or 3.6 except for TD and CIBC which have 4.0. Mogo is doing pretty good.
Mortgages Made Simple
It is really easy to apply for a mortgage using the Mogo app. Mogo will find the best mortgage deals that match your requirements and present offers to you within the app. At any time you can ask questions and the expert Mogo Mortgage team will help you every step of the way.
You get all of the help and support that you need, and you don’t have to arrange any time consuming and tedious face to face meetings.
You don’t need to use the app to apply for a mortgage with Mogo. From a computer you can access the website and apply from there. You will receive the same high level of support and range of offers from the team.
No Biases or Nonsense with Mortgage Offers
The mortgage experts at Mogo do not work on commission. They are not going to try and push one particular mortgage on you over another to earn a larger commission. Instead they will work tirelessly to find you a great mortgage at the lowest rate. It doesn’t matter if the offer is from a bank or other financial institution – it just needs to be the best deal for you.
I’ve read that some mortgage lenders may play games with people. They will advertise a mortgage offer at a higher rate than you can obtain it for. The idea is that they want you to negotiate and they then become heroes by saving you a couple of percentage points. Mogo hates these tactics and will never use them.
As soon as your mortgage has gone through and your home purchase is funded you will receive a nice bottle of bubbly from them to celebrate. How’s that for service and rewards from a lender?
You can use your Mogo dashboard to keep track of mortgage payments. It is very easy to understand the information as it is broken down into 1 year segments. Mogo wants to help and reward its customers for making mortgage payments on time. Good payers can expect Mogo to pay for a dinner and other rewards.
With the Mogo Mortgage experience you will be able to apply for high ratio mortgages. If you do not have a 20% deposit available, or the equity in your current home is not at this level then you can still apply.
Mogo can send you fixed rate mortgage offers or variable rate offers. The terms of the mortgages range from 1 year to 10 years. It doesn’t matter if you are a first time buyer, self employed, currently own your own home, own vacation property or are new to the mortgage scene in Canada. the Mogo Mortgage experience will be right for you.
Free Credit Score
If you are looking to borrow money you know how important it is to be aware of your credit score right? Lenders will look at your credit score to assess what kind of risk you are. But checking your credit score will usually cost you money.
You can check your credit score each month with Mogo for free. They will show you your Equifax credit score as soon as you become a member. Equifax is the largest of the credit bureaus in Canada and Mogo has partnered with them to provide this service free to you.
If your credit score is not as good as it could be then you can take a number of actions to improve it and then monitor how your score is improving every month. The team at Mogo will provide you with advice on how to increase your credit score.
When you check your credit score through Mogo it is done securely and softly. This means that you never affect your credit score with these checks. Most lenders in Canada use the Equifax credit score system to assess applicants. So having free access to the same information is a tremendous advantage for you.
Other Valuable Mogo Services
As a member of Mogo you will receive some other useful financial services such as:
Making Bitcoin purchases
The benefits of buying Bitcoin through Mogo are:
- It’s really easy
- The fees are low at 1% for buying and selling
- Fast account funding in around 30 minutes and its free
- Safe storage of your Bitcoin
- Investment tracking
Identity Fraud checking
Unfortunately, identity fraud is on the rise so you need to do everything that you can to protect yourself. Here are the benefits of the Mogo identity fraud service:
- Daily monitoring of your Equifax credit inquiries
- You receive alerts with all new inquiries
- If you believe an inquiry to be suspicious you receive guidance on what to do
Become a Mogo Member today
The improved mortgage experience and the free credit score monitoring are the main reasons for becoming a Mogo member. Other services offered by Mogo are a valuable bonus. Head over to Mogo.ca now and take a giant leap forward with your finances.