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Homeowner saves thousands in her mortgage renewal

Margaret is a homeowner who wanted to look at different rates as her mortgage renewal was coming up and she was unhappy with her current bank’s service. Using Perch, she was able to find a suitable rate on her own and the Perch advisor was able to lock it in before rates increased, saving her thousands in her mortgage renewal.

  • who: Homeowner
  • real estate goals: Mortgage renewal
  • issues: Finding a competitive rate

The issue

Margaret is a homeowner of a condo that is worth approximately $650,000. She earns a salary with a full time job where she has worked for over 15 years. Margaret wanted to look at different rates as her mortgage renewal was coming up and she was unhappy with her current bank’s service. She began the process of looking into rates in February, however her mortgage was maturing in June.

The solution

Margaret created a Perch profile and was contacted right away by a mortgage advisor who walked her through different options. We discussed the option of refinancing and opting for a home line of credit, however the client didn’t foresee any need for this as they didn’t plan on accumulating any more real estate in the future as she plans to retire within the next 5 years. She had 15 years left on her mortgage and wished to keep the payments the same, and not extend the amortization any further. Using the Perch platform, she was able to instantly see different mortgage rates available with different lenders and was able to select a rate herself with her preferred lender.

How did Perch help?

  • The Perch mortgage advisor provided 2 options after the Line of Credit option.
    • The first option involved a straight transfer of her mortgage for a low fixed rate, which had no fees whatsoever
    • The second option involved adding an additional $20k to the mortgage to do some minor home upgrades. This option would have cost Margaret the typical appraisal fee, legal fee and increased her mortgage balance
  • The advisor broke down fees and interest costs for each option available. Margaret had savings, therefore she opted to use these instead of borrowing additional funds
  • Margaret found a rate that suited her situation with the Perch platform
  • The advisor acted quickly to lock in this rate early on in the process which ended up saving her thousands in interest since the rates almost doubled after this time

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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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  • Process started in: February
  • Proposed solution: Given to client in 1 day
  • Pre-approval: 3 weeks
  • Closing date: in June, on her renewal date

Key takeaways

Going with a mortgage broker allowed Margaret the opportunity to see different rates and options which were not provided with her original bank. Perch provided clear informative options, acted quickly to lock in a mortgage rate, and answered her queries faster than her bank, with advisors available 7 days a week.

Margaret was very pleased with Perch being able to map out different options and the effective cost. In the end, her mortgage was transferred to a new lender with a lower rate, she maintained a low mortgage payment and the whole process didn’t cost her any money out of pocket. Margaret also ended up referring a friend to Perch to renew their mortgage.

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