The Mogo Blog

RULE YOUR FINANCES: Financial Literacy Series

Join us for an evening of drinks, light snacks and financial advice at the MogoLounge. We'll be talking ways to rule your finances. Where: The MogoLounge 797 Queen St W, Toronto When: Wednesday July 5th from 6:30–8 PM ![](/content/images/2017/06/Fin_literacy_series_blog_topics-2.jpg) Can’t make it to the event? Submit questions via our Social channels (Facebook, Twitter, Instagram) using #RuleYourFinances. We'll be live streaming on our Facebook page, so be sure to catch it there. Jason De Thomasis, CFP® of De Thomas Wealth Management GET YOUR FREE TICKET! GET TICKET

MogoMortgage Wins The Canadian Mortgage Award for Best Use of Mobile Technology

We’re pumped to share our MogoMortgage product won the Canadian Mortgage Award for Best Use of Mobile Technology! We launched our MogoMortgage product earlier this year to give Canadians an innovative digital experience for mortgage seekers on the go. With a digitally led process from pre-approval until renewal or when the mortgage is fully paid off, the app also has a human touch: MogoMembers can chat online through the app or on the phone with experienced mortgage specialists anytime they have questions about their mortgages. ![](/content/images/2017/05/MogoMortgage-rewwards-notifications-web.jpg) We’re a licensed mortgage broker, so we offer the traditional benefits of working with different lenders to get access to the best products and rates, with the additional benefits of an interactive dashboard available online and through our mobile apps. Plus - perks like dinner on Mogo to celebrate annual mortgage payment milestones. ![](/content/images/2017/05/Mogo_Dave-Feller.jpg) Here’s what our CEO and Founder, Dave Feller, had to say about the award: “” It's great to receive recognition for what we believe is the best mortgage experience in Canada. As consumers continue to move to a more convenient digital mortgage experience, Mogo is clearly positioned

How do I qualify for a mortgage

As a first time home buyer, it can be confusing and stressful figuring out exactly what you need to qualify for a mortgage. So, we’re breaking it down for you so you can focus on all the other exciting stuff (like house hunting!). After all, your first time should be amazing. When you’re getting a mortgage, lenders base your approval on factors about you and your credit history as well as the the property you’re buying. Your mortgage specialist will walk you through all the details and help you through the whole process, but we’re giving you a head start with this handy guide. What you need… Credit Score Aim for a credit score of over 680. It’ll allow you to qualify for more in terms of your mortgage. That being said, there are lenders that will give you great rates for credit scores as low as 640, and on a case by case basis may go lower depending on other factors. Canadian lenders have to follow specific rules for mortgages with a down payment that’s less than 20%. These rules are set by qualifying ratios called Gross Debt Service Ratio (GDSR) and Total

3 ways to improve your credit score

Your credit score is basically your adult report card. It matters when it comes time to make big life decisions like buying your dream place. The higher your score the better. It’s used by lenders and financial institutions to determine whether your credit-worthy or not. In general, a low score could mean you’re declined on a loan or receive a higher interest rate, while a higher score allows for lower interest rates and better options when it comes to things like getting a mortgage and borrowing money. Your credit score number basically tells lenders how likely your are to repay money you borrow, based on how you’ve handled your financial obligations in the past. If you didn’t know it was this important, don’t worry. You’re not alone…. • 47% of Canadians don’t know where to check their credit score • 81% of Canadians don’t realize that an employer may check their credit score when being considered for a job • 61% of Canadians don’t know that landlords often look at credit scores as part of a rental application • 51% of Canadians don’t know that small business lenders look at credit scores when approving