5 steps for buying a home in the next 5 years

Buying a home is one of the biggest and most important investments you’ll make in your life (did someone say adulting?). It’s still the single largest source of savings for Canadian households, since every payment you make builds equity. If buying a home is in your 5 year plan, there’s some key steps you should take to make sure you reach your goal and get those dream digs. Know your current credit score and improve it You might not realise how much your credit score matters when buying a home. Ultimately, having a high credit score could mean you qualify for a higher mortgage. A good rule of thumb: if your credit score is between 620 to 680 you’ll qualify for a good mortgage product - BUT if it’s 680 and above you’ll qualify for a significantly better mortgage. So, get your credit score looking good before you apply for a mortgage. If your score is below 680, good news: you can improve it. If it’s low strictly because of debt utilization ratio, it could improve in as little as 30 days if you pay down your credit card balance so it’s

New ways to talk to us

Recently, we noticed some not-so-hot customer feedback on our social channels about our customer service wait times. Like this one... Not good. 😭 Making sure you’re happy is super important to us. Like, lose-sleep-over-it important to us. So, we had to fix this. We looked at our customer service communication methods, and decided to majorly improve our Online Chat feature, to give you a super easy, efficient way to talk to us and get rid of those yucky wait times. We can take care of pretty much anything related to your account through our chat tool. 👍 (Like, getting that loan, making extra payments, and lots more...) Here’s what we changed: Online Chat is now available within your MogoApp, your mobile web browser, and of course desktop. You can get to Online Chat from multiple pages on our site (like our Help Centre, and when you’re logged into your account), so if you run into trouble, we’re there to help. Our chat tool will recognise you if you’re logged in to your MogoAccount, meaning you don’t have to waste time giving us your info again. You can message us on Online Chat outside of business hours,

New Year's Money Remedy #3: Get your utilization ratio in check

In our first blog post in the New Year’s Money Resolutions series we talked all about facing your holiday credit card debt head on (and what to do about it). Check it out here for a refresher. If you’re like a lot of Canadians and you blew the budget over the holidays, let’s talk about that credit card that’s maxed to the limit.... Maxing out your your credit card has a negative impact on your credit score. And we’re not just talking about the 46% of Canadians who carry a monthly credit card balance. That includes you punctual peeps who pay it off every month. Your debt “utilization ratio” (aka your level of indebtedness, or how much of your total available credit you’re using) makes up approximately 30% of your overall credit score. Say what? ...We know what you’re thinking, Why didn’t anyone tell you this!?! Well, now that the bad news is out of the way, here’s the good news: Fixing your utilization ratio is one of the fastest ways to fix your credit score if it’s not so hot, or even just needs a little improving. You just

Get mortgage-free with a smarter mortgage

Imagine a mortgage experience that makes it easier (and more fun) to achieve mortgage freedom. That motivates you to stay on track, offers rewards for making your payments on time, and ultimately helps you build wealth through your new home. Yes, this exists—in the form of the new MogoMortgage. Getting a MogoMortgage Convenient, simple, fast. When you think about the process for getting a mortgage, the words ‘simple and easy’ or ‘fast and fun’ probably aren’t the first that come to mind. But, we're changing that. Main Mogo Dashboard: snapshot of all your Mogo products in one place, including your MogoMortgage Step 1 in your MogoMortgage application: are you renewing or a first-time home buyer? We take the stress out of the equation, pre-approve you within one business day (commitment-free!), and make the entire process seamless and fast. Less time going back and forth on documents (and haggling on rates) means more time celebrating your awesome milestone. (Hello housewarming!) No bullsh*t rates. Some banks advertise higher rates and make you fight to get their best ones. Why post a 4.5% rate when your real rate is 2.5%? Yeah, we don’t get why banks do

New Year's Money Remedy #2: Declutter your Finances (and your life)

We’re feeling all inspired to ditch our stuff and simplify our lives after binging on The Minimalists documentary on Netflix. If you don’t know what we’re talking about or haven’t watched it yet, you know what your plans are tonight. Get on it. Here’s a nice little recap in the meantime. Basically they’re challenging consumerism, and the concept of being attached to our “stuff.” We can all relate to the feeling that if we buy ____ it’ll make us feel good/happier/better. And, that’s actually a huge factor keeping people in debt. The average Canadian owed $21,348 in consumer debt in 2016—that’s a 2.7% increase over the past year. We’ve been socialized to feel like there are things we “need” to be happy. But when ‘The Minimalists’ (Joshua Fields Millburn and Ryan Nicodemus) started decluttering and letting go of stuff that didn’t add value to their lives, they started feeling freer and happier. A super cool quote from the film that resonates with us: “Love people, use things. The opposite never works.” (so frameable. 🙌 ) Our Do More, Spend Less concept is all

New Year's Spending Hangover: Blog Series

So, you overspent and overate. Your finances are feeling as tight as your fave pair of jeans. You said you’d stick to your holiday budget but then you found the new Snapchat Spectacles on eBay and obvi needed to buy a pair for your bae—okay, and maybe one for yourself too. You blew it. But instead of commiserating in a pool of self-loathing and anguish (so dramatic), face your spending hangover head on with our New Year's money remedies. No, we’re not going to recommend ‘hair of the dog.’ (Sorry.) Over the next few weeks, we’ll hook you up with our easy-to-follow spending tips to help get you back in the black, and on track to ball out in 2017. And by ball out, we mean spend and save like a responsible adult. 😜 First up: NY Money Remedy #1: Consolidate credit card debt (AKA) How to break the credit card debt cycle with an installment loan. You had every intention to keep your holiday budget in check. You made a list, checked it twice, and even scaled back your other spending leading up to December. But then that extra space on your card + the temptation of

‘Neckworking’ with Geton James owner, Kevin Bryan

Meet Kevin Bryan, the creative mind behind the hip men’s accessory brand, Geton James. The brand is taking a unique approach when it comes to neckwear, with their refined and recrafted vintage ties. We sat down with Kevin to find out how and why he started the company, and of course, to ask our signature adulting question. Name: Kevin Bryan Occupation: Owner, Geton James Website: Getonjames.com So, tell us about Geton James... Kevin Bryan: Geton James is a men’s accessory brand aimed at young, fashion-forward professionals. A little background: I was working as an investment banker wearing a suit every day and I wanted to find a way to express myself and add my own personality into my outfits. I started collecting vintage ties and altering them to give them a slimmer, more modern style. I was obsessing over them so much that my wife finally said, “Why don’t you make a business out of this?” So, I started collecting these cool vintage ties from the 60s, 70s, and 80s; they have a heritage vibe… and a nostalgia to them. They might remind you of a tie your dad wore. The ties during these eras were

Mogo x Geton James Pop Up: Refined vintage men’s accessories at the Mogo Lounge

The best thing to happen to necks since heads. Geton James and their unique neckwear products are coming to the MogoLounge. Their ties, bowties, and pocket squares are refined and re-crafted from vintage ties and textiles that are hand picked from around the world. It’s a perfect collab for us since we’re all about dat #DoMoreSpendLess lifestyle. December 9 to 22nd (11-7PM Mon-Fri, 11-6PM Sat/Sun), with exclusive “neckworking” event on December 15th. WHEN The MogoLounge (797 Queen St W, Toronto) WHERE Open to everyone. Drop by at any of the times listed above. MogoMembers get 10% off their purchases. Signup if you don’t have an account yet if you want the sweet deals. WHO Shop limited edition and one-of-a-kind neckties, bow ties, pocket squares that are recrafted from reclaimed heritage neckwear, garments and fabrics hand picked from around the world. WHAT Not a MogoMember? Sign up now and come by the event to shop with your 10% discount SIGN UP NOW

Money tips from the finance experts

We got some hot money tips from finance experts across Canada. 🔥 💸 We asked them... What’s your #1 finance tip for millennials and young Canadians? From mortgage advice and budgeting, to credit card and financial planning tips, their answers could help you get on track this month and on to a financially healthier 2017. Nice. “” My number one tip hands down is to get help, and get qualified help. You don’t pay a personal trainer $80 a hour to watch you on the treadmill. You know that having pro can help you identify blind spots and fast-track your path to financial success. It’s never too early (or late) to engage with a Certified Financial Planner. You can find one at FindYourPlanner. Kelley Keehn | Author, personal finance educator and the consumer advocate for the Financial Planning Standards Council. | Kelleykeehn.com “” Know your credit score. Keeping tabs on your score is a good way to gamify your financial fitness. It will keep you mindful about not racking up debt, and a good score can save you money in interest. If you understand how to get a good credit score, you are less likely to abuse credit,