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First timer increases buying power with Perch

Sharon, a first time home buyer in Victoria, British Columbia, wasn’t happy with the pre-approval amount from her bank. After reviewing her finances, Perch was able to pre-approve her for an amount 4x higher and get Sharon into the real estate market faster.

  • who: First time home buyer
  • real estate goals: $475-500k condo
  • issues: Low credit score

The issue

To buy a $500k property, Sharon only needed to put a 5% down payment even though she had enough money saved for 10% down. Her main obstacle was the low credit score.

First time home buyer increases buying power with Perch

With the extra 5% that was initially part of her down payment, we directed her to pay down some of her credit card debt.

After paying down the debts, Sharon’s credit score increased from 580 to 630. She now had the credit score required to buy with mortgage insurance and we pre-approved her up to a $490k purchase price.

Less than a month later, she had an accepted offer on a condo within her budget.

The solution

  • With our analytics platform and our senior mortgage advisors, we were able to find a solution that helped qualify Sharon for roughly 4x what her bank would given her
  • Not only were we able to qualify her for what she wanted, our mortgage rate was roughly 0.60% lower with a prime lender.
  • As a first-time home buyer, Sharon has already generated a substantial amount of home equity since buying her condo.


  • Proposed solution: Given to client in 2 days
  • Pre-approval: 3 weeks (factoring in 2 weeks for new credit report)
  • Offer on home: 1 month later
  • Closing: 1.5 months after her offer
  • Total: Approximately 3 months

Key takeaways

Pre-approvals aren’t equal and every client’s situation is different. Many times when a bank or mortgage advisor says it’s impossible, it may just be because they don’t have the knowledge or product that you need. Seek out at least 2-3 opinions when getting advice on financing your home.

In the end, Sharon was happy she could enter the Victoria, British Columbia real estate market sooner than expected as a first time home buyer. She was able to purchase a condo within her budget and start building equity.

The clients were super happy we could make it happen and referred a friend to us!

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