Source: Mogo Finance
Mogo Finance Technology Inc. (TSX: MOGO / Frankfurt: MO0) ("Mogo") announced today the launch of MogoMortgage, a new product in the company's line-up and the next step toward its goal of building the best digital banking experience in Canada.
Mogo, a leading Canadian financial technology company, is focused on leveraging technology and design to pioneer financial products that make it easier for consumers to manage their financial health.
"We're excited to launch our new MogoMortgage, which has simplified the mortgage experience by bringing a new level of transparency to not only the interest rates but also the process of getting a mortgage," said Dave Feller, Founder and CEO of Mogo. "In addition, 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."
To make the experience of getting a mortgage transparent, less stressful, and more convenient, Mogo has simplified the process and made it more engaging in a number of ways for consumers including:
An online and mobile process, from pre-approval until the mortgage is renewed or fully paid-off.
Experienced mortgage specialists available via online chat, email, and phone to walk through the process and help get the right mortgage for them.
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.
Champagne on closing: 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," said 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 the provinces of BC, AB, and ON, with plans to expand throughout Canada. Working with some of Canada's top mortgage lenders, Mogo is positioned to bring a new level of transparency and convenience to the Canadian mortgage experience, and offer the best of both worlds: market-leading rates and the best digital mortgage experience in Canada.
MogoMortgage is currently offered in BC, AB and ON by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario:FSCO License No. 12836).