Frequently asked questions
Last updated: May 29, 2023
Got a question about Perch? You’re in the right place. Or if you’re looking to learn more about mortgages in general, head on over to our blog.
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The basics
What is Perch?
Perch is an award-winning tech company that helps you build wealth through real estate. We’re Canada’s most intuitive homeownership platform.
Perch makes the process of buying a home simpler and easier, and helps you save money on your mortgage. Once a homeowner, we enable you to build wealth by maximizing your home equity. (In other words, we help your money make more money. Pretty sweet, right?)
How does Perch help?
- Pre-approvals in as little as 20 minutes and mortgage approvals in less than 48 hours
- Dedicated 1:1 support with a Perch mortgage advisor, 7 days a week
- Automated alerts to help you stay on track while getting a mortgage
- Monthly property valuation estimates so you can see what your home is worth
- Notifications when there’s an opportunity to save money on your mortgage
Does it cost anything to use Perch?
Nope. It’s totally free to use our tools and calculators, to open an account, or to speak with one of our mortgage advisors.
How does Perch make money?
Who can sign up to Perch?
Perch is open to any Canadian resident who is looking to buy a home in the future or already owns a home. Perch is available to all provinces and territories, including Quebec.
Is Perch a mortgage brokerage?
Yes. Perch is a digital mortgage brokerage that’s fully licensed and regulated.
Who owns Perch?
Perch is a privately owned company and was founded in 2018 by Alex Leduc.
Which lenders does Perch work with?
We only offer mortgages from regulated, trusted Canadian financial institutions. Perch has access to mortgages from banks, credit unions, B lenders and private lenders.
Here are some of the mortgage lenders we work with:
| B2B Bank | ICICI | RFA |
|---|---|---|
| CMLS Financial | Lendwise | RMG Mortgages |
| Canadian Western Bank | Manulife | Scotiabank |
| DUCA | Marathon Mortgage | Strive Financial |
| Equitable Bank | MCAP | TD Bank |
| First National | MERIX Financial | XMC Mortgage Corporation |
| Home Trust | Radius Financial | Â |
Do lenders pay for sponsored positions?
We don’t accept payment in exchange for preferential lender treatment. This means we only recommend a mortgage if we think it’s the right fit based on your financial goals.
What kind of mortgages can I get through Perch?
Shop and compare the best mortgage rates from multiple lenders. We offer fixed and variable mortgages ranging from 1-year to 10-year terms. The most popular are the 5-year fixed and 5-year variable mortgages.
We only offer mortgages from regulated, trusted Canadian financial institutions. Perch has access to mortgages from banks, credit unions, B lenders and private lenders.
Does Perch offer commercial mortgages?
Unfortunately not. We offer mortgages for residential properties only.
Is Perch legit? Is it safe to use Perch?
Perch was founded in 2018 and is headquartered in Toronto, Ontario. We’ve been featured in major news outlets, including the Toronto Star, Financial Post, CityNews and BetaKit. We’re also a proud member of the Canadian Lenders Association, MaRS and Communitech.
Perch is part of the REACH accelerator, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors.
Your personal information is protected with AES-256, block-level storage encryption.
Is Perch available in Quebec?
Yes. Perch is available to Quebec residents, however our website is in English only. Should you require assistance in French, please contact us at support@myperch.io.
Is Perch hiring?
You can view our latest job openings here, and follow us on LinkedIn for any updates.
Who can I talk to if I have more questions?
Drop us a line at support@myperch.io or give us a call at 1-844-415-8263.
Getting started with Perch: Buyers
What are the benefits of using Perch as a home buyer?
Perch offers:
- Free tools and calculators to provide you with personalized insights during the buying process
- Pre-approvals in as little as 20 minutes and mortgage approvals in less than 48 hours
- Dedicated 1:1 support with a Perch mortgage advisor, 7 days a week
- Automated alerts to help you stay on track while getting a mortgage
What kind of information does Perch need to collect?
When signing up, we ask for your email address, which is used to validate your account. You do not need to provide any contact information to use our tools and calculators or to view our mortgage rates.
We only ask for the information needed to submit a mortgage application, which may include documents such as bank statements, pay stubs, tax forms and your credit report. We’ll also ask for a copy of your government-issued photo ID. Without providing this information, we can’t proceed with a pre-approval or submit your mortgage application to the lender.
What does Perch do with my personal information?
The information is only used to complete a pre-approval or submit your mortgage application to the lender. Perch does not share any information with other companies without your consent.
Your personal information is protected with AES-256, block-level storage encryption.
Does using Perch affect my credit score?
Using Perch’s tools, calculators, or viewing your property value estimates will not impact your credit score in any way. We will only complete a credit check with your consent.
If you choose to submit a mortgage application with us, a hard credit check (or hard pull) may be required as part of the process. For pre-approvals, Perch now uses soft credit checks powered by Equifax, which will not impact your credit score. In cases where a soft check cannot be performed, a hard check may be required.
Keep in mind, credit checks are only a small part of your overall credit score. Additionally, when shopping around for a mortgage, credit checks done within a 14- to 45-day period are grouped together and counted as a single inquiry by Equifax. This allows you to explore your options without significant impact on your credit file.
I’m buying with a co-applicant. Can I still use Perch?
Yes, you can use Perch with up to 4 other co-applicants. Sign up for a Perch account, and after you start a Home Buying Plan you’ll be prompted to invite your co-applicants to join Perch so you can collaborate together.
How does Perch match me with a realtor?
If you’re not yet working with a realtor, we can help you find one. Based on your profile criteria, such as your location and target property type, we’ll match you with one of our pre-screened Perch realtors. From there, you’ll have the opportunity to connect with that realtor and decide if there’s a good fit.
I already have a realtor. Can I still use Perch?
Yes, you can. Sign up for a Perch account, and after you start a Home Buying Plan you’ll be prompted to invite your realtor to join Perch so you can collaborate together.
How do I use Perch with my realtor?
While you’re shopping around for the right property, both you and your realtor can each add potential listings to Perch. You’ll be able to see whether the property falls within your budget, and what your maximum safe to bid amount is.
Does Perch have a referral program?
Thanks for thinking of us, we love getting referrals! (Almost as much as we love seeing 5-star reviews on Google, hint hint.)
To refer a friend, log in to your Perch account and click on ‘Refer a friend’ to get started. You can earn up to $500 for each friend who gets a mortgage with us.
Getting started with Perch: Homeowners
What are the benefits of using Perch as a homeowner?
Here’s a quick rundown of what you can do with Perch as a homeowner:
- Track your home value with monthly property estimates
- View your mortgage balance and see how much home equity you can access
- Get alerts when there’s an opportunity to save money by switching lenders
- Free tools and calculators
How does Perch provide its property value estimates?
To estimate the current value, we take the average growth rates in your area, of your property type, and overlay that growth rate with your most recent purchase price or formal property appraisal. This is done monthly, so you can easily track your returns over time.
How often does Perch update its property value estimates?
We update your property value estimate on the 20th day of every month.
Does Perch have a referral program?
To refer a friend, log in to your Perch account and click on ‘Refer a friend’ to get started. You can earn up to $500 for each friend who gets a mortgage with us.
