Mogo Finance Technology recently launched MogoMortgage, an online and mobile process that the company says will “make the experience of getting a mortgage transparent, less stressful and more convenient.”
Dave Feller, founder and CEO of Mogo, says in a statement that “ unlike any other mortgage experience in Canada, we focus on keeping our members on track through an interactive dashboard that is designed to encourage and reward members for paying down their mortgage, which is perhaps the single biggest thing Canadians can do towards their goal of achieving financial freedom.”
The company says the new solution offers:
- Experienced mortgage specialists available via online chat, email and phone.
- Transparent advertised rates “that are not only the actual rates, but are also market-leading.”
- The “only mortgage experience that provides free monthly credit score monitoring to help track financial health.”
- A “custom, interactive dashboard – the only one in Canada – that gamifies the experience of getting mortgage free, including rewarding members with perks like dinner on Mogo, to celebrate payment milestones annually.”
- Members also get celebratory champagne sent to them on the closing of their mortgage.
“Entering Canada’s $1.4 trillion housing loan market represents a massive business opportunity and is a natural progression for us,” says Greg Feller, president and CFO of Mogo. “This also marks our expansion into fee-based products. As a mortgage broker, we have no capital requirements or credit risk, positioning us to drive high-margin, transaction revenue from our mortgage offering.”
Mogo has obtained a mortgage broker license in British Columbia, Alberta and Ontario and says it plans to expand throughout Canada.