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First timers get pre-approved in 1 day with Perch

First time home buyers Grace and Kyle had saved up a substantial down payment to put up to 15% down on a property. They were looking in the range of $700k, for a townhouse or semi-detached in the Hamilton, Ontario area. Their bank was extremely slow to get them pre-approved but Perch was able to get them approved in 1 day.

  • who: First time home buyers
  • real estate goals: $700k townhouse or semi
  • issues: Low credit score

The issue

Grace and Kyle had a 15% down payment for a property and wanted to buy a $700k townhouse or semi-detached house in the Hamilton, Ontario area.

The major issue was that Kyle had some credit troubles in the past, but has since increased his score to just under the threshold of what most big banks require which is a minimum of 680. He has shown excellent repayment history and has done a great job rebuilding credit over the last year as they saved money together for the new home.

Grace and Kyle approached their local bank where they were asked for multiple documents upfront and were faced with slow turnaround times. Their bank rep was working on their pre-approval application for nearly 3 weeks before an answer was provided. Due to the slow pre-approval process and the bank’s uncertainty with the credit department, they were unable to get a direct answer on their approval in a timely manner and felt as though homeownership was too difficult to attain at times.

The solution

The first time home buyers decided to reach out to Perch to get help with their pre-approval. They filled out a Perch profile on a Friday evening, uploaded their documents over the weekend (they completed their own application while the banks were closed and unable to assist), and had a firm pre-approval letter by the following Monday at 11am.

How did Perch help?

  • Quick service where Grace and Kyle were able to conveniently complete their own application during non-banking hours, and were shown with mortgage solutions their original bank couldn’t provide.
  • They were provided with a follow up email on a breakdown of what closing costs to expect, estimated payments on different terms, and some additional tips on continuing to increase credit scores.
  • The Perch mortgage advisor reached out to several lenders to ensure Grace and Kyle could obtain financing if they went in on the purchase without conditions.
  • Perch acted quickly to get their pre-approval done, plus provided additional feedback on continuing credit improvements, and what to expect after making an offer (next steps).

Are you a first time home buyer?
Sign up for Perch and get pre-approved today!

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.

Are you a first time home buyer? Sign up
for Perch and get pre-approved today!


  • 1 business day

Key takeaways

With Perch, your questions can be answered directly from your mortgage advisor. Perch mortgage advisors are also expert credit advisors that are available outside of the typical banking hours and can address any concerns you may have in a timely manner. This saves time and stress and allows you to look at properties sooner since pre-approvals can be done in as little as 20 minutes.

*Please note that names have been changed in this story to protect the privacy and identity of individuals.