Mogo Mortgage Review (June 2024) – Pros, Cons, Features, & Pricing

If you’re in the market for a mortgage, you’ll find several products with special offers and competitive rates, including the Mogo Mortgage. This Mogo Mortgage review offers a comprehensive look at what the company has to offer prospective homebuyers searching for an affordable option.

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Last Updated: Jun 16, 2024

Mogo Mortgage

  • All online process
  • Stress-free experience
  • Early repayment available

Getting a mortgage you're happy with is only a few clicks away. Get a satisfying mortgage experience - Claim this offer

This Mogo mortgage review provides some helpful insight into the company’s mortgage product and how it may work for your personal goals.

What makes Mogo Mortgage a good option?

Our Mogo mortgage review indicates that the company offers excellent options for individuals shopping around for competitive interest rates and payment options.

Mogo offers some of Canada’s most common mortgage products, including closed mortgages, fixed and variable interest rate mortgages, and open mortgages.

Before you commit to a product with Mogo, you can easily open an account and explore the company’s products and offers, including mortgages.

The application process is entirely available online, and you can inquire with the support team if there are any questions or concerns during the application process.

You’ll have the option of choosing between a conventional mortgage, which requires a 20% down payment, and a high-ratio, which allows for a smaller percentage down payment.

Pros and Cons of Mogo Mortgage

This Mogo mortgage review uncovers a few significant advantages and several drawbacks to consider before you apply for your loan.

+ All online
+ Stress-free
+ Early repayment allowed
– Potential Fees
– Possible high rates

Advantages of the Mogo Mortgage review

The entire application process is online, which makes applying for a mortgage stress-free, as you can proceed at your own pace and review specific areas of the agreement.

If you’re approved for a mortgage, you’ll be able to earn cashback Bitcoin towards a cryptocurrency account, which is a significant benefit of doing business with Mogo.

Generally, Mogo’s mortgage rates are lower than significant banks offer, which is an attractive feature. A lower credit rating may result in a higher interest rate, though you can expect to receive some of the best rates in the market.

Mogo’s website features a simple calculation tool to help you understand what to expect based on your projected loan and term.

Mogo is available in most provinces and territories, though this varies for certain products, including mortgages.

The company’s website is straightforward and helpful, with step-by-step instructions and necessary items to review before starting the application.

A few other noteworthy benefits of this Mogo mortgage review include no extra fees for repaying your loan early or making advance mortgage payments and the potential of improving your credit rating.

You may be approved for a higher amount than initially expected and adjustable interest rates and repayment terms.

Drawbacks of the Mogo Mortgage

While there are some significant advantages to borrowing from Mogo, there are a few drawbacks you’ll want to consider before you finalize your decision.

The Mogo mortgage review indicates a variance in interest rates, though it’s likely you’ll be paying high fees when you’re approved for a mortgage.

Additional charges for returned cheques or non-payment tend to be high and can get expensive. Suppose your credit rating is less than desirable, and you’re approved for a loan or mortgage.

In that case, the interest rates will be high, which can make a significant impact on your ability to repay or stick with scheduled, authorized installments.

What are the Mogo Mortgage features?

There are a few options and features when you apply for a mortgage with Mogo. Our Mogo Mortgage review included a few variations from first-time borrowers, such as renewing and refinancing, in addition to buying a home for the first time.

When you are approved for a mortgage, you’ll have access to Mogo’s mortgage app. This app is a valuable tool to monitor your financial progress and ability to make mortgage payments.

You’ll have greater control over how you manage your budget, with your mortgage taking priority. Access to a digital tracker on your app gives you some great tools and evaluations of your progress.

Mogo Mortgage Review for Supporting Clients with a Mortgage

Mogo offers some great benefits to customers, including mortgage account holders, regular credit reports, and their current loan or mortgage status progress.

You may also have the option of refinancing if your circumstances change unexpectedly. There is also no penalty for repaying your mortgage payments faster, which is a significant advantage.

If you’re concerned about your credit score, Mogo is one of the best companies to help with rebuilding your rating, whether you want to borrow more funds in the future or qualify for a loan or mortgage currently.

Cost of using Mogo Mortgage

The Mogo Mortgage review offers a range of interest rates, which depend on your current financial situation and credit rating.

In many cases, people tend to choose companies like Mogo if they can’t secure a mortgage with their bank or financial institution, usually due to high-interest rates or poor credit ratings.

Mogo aims to help customers improve credit while offering more flexibility with loans, credit products, prepaid cards, and mortgages.

Who is Mogo Mortgage for? Should you use Mogo Mortgage?

The Mogo Mortgage review indicates this product is ideal for first-time home buyers and unsuccessful people at securing loans from their current bank or credit union.

While interest rates may be high for anyone with a lower credit score, on average, you’ll find the rates lower and affordable.

You’ll have access to online support and a digital app, which is excellent for people who are conscious of their spending and may qualify for new rates or agreements during their term.

Mogo is for people who want more flexibility in their mortgage, with the option of expanding their options later, if available.

Not sure if Mogo Mortgage is right for you? Alternatives to Mogo Mortgage you can consider

When reviewing this Mogo mortgage review, you’ll find many incredible benefits to the company’s products and mortgage options.

After careful assessment, if you find that Mogo isn’t a good fit for you, you may want to consider one of several alternatives with similar benefits.

If you’re concerned about a poor credit rating and want a better chance of getting approved, Turned is an alternative you may consider.

This mortgage broker features a fast turnaround when applying for a mortgage and may accept applicants who have other debt, such as another mortgage, current consumer proposal, or bankruptcy, in arrears with taxes or other debt.

While the company offers a higher interest rate for riskier clients, Turned specializes in lending to customers who have a history of bad credit and recurring debt.

Suppose you’re looking to improve your credit. In that case, you may want to inquire about a consolidation loan to improve your credit and then re-apply with the possibility of a lower interest rate.

Ratehub is another popular choice for mortgages and an alternative to Mogo Mortgage. If you already use Ratehub’s services, you may find the option for a mortgage is more accessible, with a better interest rate and terms.

The company offers two main mortgage options: buying a new home and refinancing or renewing your mortgage.

The company’s website features an interactive tool that allows you to find an approximate interest rate based on your location, financial circumstances, income, and other factors.

You’ll have the option of shopping around if you find the rates too high or contact the company’s support team for more details and opportunities for a competitive rate.

Ratehub, like Mogo, offers a lot of other services that may be appealing to you, in addition to a mortgage. Direct investing, banking, credit products, insurance, and personal loans are among the featured products you’ll find on Ratehub’s website.

Home Trust is another option for your mortgage if you’re looking for a trusted company instead of a private lender.

This company offers mortgage and loan products to people who have low to moderate credit ratings. They will offer some assistance, such as a line of credit, or a deferred payment, to help in unforeseen circumstances or financial hardship.

Overall, there are a few decent options to consider for your mortgage. It’s important to review each company’s interest rates using its online calculator and determine which benefits are best for your goal.

Mogo Mortgage Review Conclusion

Our Mogo mortgage review features a great product with some great options and flexibility for new homeowners.

The company is innovative in that you’ll have access to Bitcoin and digital investments with cashback, which is a unique feature not offered by other private lenders, banks, or trust companies.

Before you finalize a new mortgage or renewal for your home, it’s essential to consider all your options, assess your current credit status, and find a mortgage that fits best with your personal and financial needs.

This Mogo Mortgage review establishes that Mogo offers a straightforward approach to applying for mortgages, and a few other beneficial products, which can help improve your overall credit and give you a better chance at securing a mortgage now, and in the future.

Unlike some companies, Mogo offers carbon footprint offsetting and other attractive benefits for some borrowers and new homeowners.

MogoMortgage Features

How To - Comparewise

A simple and smart mortgage experience that motivates you to get mortgage-free faster. Earn bitcoin cashback when you take a MogoMortgage.5 minutes

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Apply Online Free

Apply online from your MogoAccount dashboard. Chat with our friendly MogoMortgage team if you have questions.

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Get Offers

Get your offers quickly and easily, with market-leading rates from top lenders. Our dedicated MogoMortgage Team will be there to support you throughout the process—from application to document collection and getting funded.

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Get funded and earn bitcoin rewards

Close your mortgage, get your bitcoin cashback rewards, and celebrate this exciting milestone!

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FAQs about Mogo Mortgage

Who can apply for a MogoMortgage?

To qualify for a MogoMortgage, you'll need a minimum credit score of 640, a minimum 5% down payment, and enough income to make your monthly payments. Lenders will also want to make sure your property is something they feel comfortable securing the mortgage against.

How is a MogoMortgage different from a mortgage through a bank or another broker?

Mogo is a broker, but a different kind of broker. They've built an experience that isn’t just about getting the mortgage, but also about having the mortgage. It takes a few weeks to get a mortgage, but you’ll have that mortgage for 25 years, so Mogo  improved that part of the experience too.

What types of mortgages does Mogo offer?

Mogo specializes in residential mortgages, both conventional (your down payment or equity is equal to 20% or more of the property value/purchase price) and high-ratio (your down payment or equity is less than 20% of your home value/purchase price).

Should I use Mogo Mortgage?

If you are a first-time home buyer and want to have access to online support because you are worried about cost, you may qualify for a decent rate through Mogo Mortgage.

Is Mogo Mortgage safe?

Yes. Mogo Mortgage is legitimate and currently operating privately in Canada. They ensure that your data are not shared to third parties.


Mogo Mortgage

September 24, 2022
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