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Couple new to Canada get fast mortgage approval

Alicia always knew she wanted to be a homeowner, however she was waiting for her husband Amir to join her in Canada before making the big decision. She initially wanted to settle down in Vancouver but could not find affordable housing and ultimately chose to move to Calgary for better quality of life and affordability.

  • who: First time home buyer
  • real estate goals: Finding a 3-bed detached property
  • issues: Delayed getting a mortgage

The issue

When they purchased their home, Amir was in Canada as a new immigrant for just 2 months, which caused some issues such as not having a credit report, resulting in some delays with getting their mortgage approved.

The solution

Perch leveraged new to Canada programs available with certain lenders to get around the lack of credit issues for Amir.

Alicia started preparing a year in advance by speaking to a Perch mortgage advisor to see where she was at in her homeownership journey and to figure out what steps she needed to take in order to be in the best position to buy a property in a year.

By speaking to a mortgage advisor, she found out that it was important to have a credit card in order to show credit history and that it was preferable to have 2 credit cards that are at least a year old. She also used Perch mortgage calculators to figure out what potential payments could be based on purchase price and down payment which helped her understand what she could potentially afford.

How did Perch help?

  • Perch has lower rates, trusted advisors and useful tools.
  • They also wanted to get a car around the same time that they wanted to get a house. The mortgage advisor helped them figure out the max monthly payment they would need to have for a car so it didn’t affect their home purchasing power.
  • Provided a stress free and simple process.
  • Found an available program to help with Amir’s credit issues.

Need a pre-approval? Sign up for a Perch profile today to get started

How did Perch help?

With the help of the Perch platform and leveraging our analytics and senior mortgage advisors, we were able to find a creative solution that helped qualify her for roughly 4x what her bank would have done.

Not only were we able to qualify her for what she wanted, our rate was roughly 0.60% lower as well with a prime lender. The client has already generated a substantial amount of home equity since getting into her home.

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  • Started looking for houses in March 2022
  • Purchased on May 31 2022

Key takeaways

  • It’s important to be prepared in advance by talking to a mortgage advisor and understand where you stand so you can set yourself up to be able to purchase when the time comes.
  • Understand that an additional monthly payment (or any major recurring payments) of $100 on your car can significantly reduce your purchasing power. Be sure to get advice from your mortgage advisor before proceeding.
  • Get a good mortgage broker who will help you find solutions and negotiate for you.