Boost your buying power by up to 50%
Get budget clarity with Perch. See what you can afford with your safe-to-bid price.
What is a mortgage pre-approval?
A pre-approval is your first step to buying a property and getting a mortgage. A “light approval” is where a lender qualifies you for a mortgage loan based on the information you have provided - you’ll learn how much you can qualify for, what your interest rate will be, and your estimated monthly payment
What is a mortgage pre-approval?
A pre-approval is your first step to buying a property and getting a mortgage. A “light approval” is where a lender qualifies you for a mortgage loan based on the information you have provided - you’ll learn how much you can qualify for, what your interest rate will be, and your estimated monthly payment
Qualify for up to 50% more compared to going with a bank
Forget waiting on hold or submitting all your documents via email. We’ve made the pre-approval process quick and seamless.
- Get pre-approved in as little as 20 minutes
- Search thousands of mortgages in seconds
- Chat 1:1 with a mortgage advisor, 7 days a week
Get a simple, same day pre-approval
01
Sign up to Perch
02
Start a Buy Plan and follow the steps
03
A dedicated mortgage advisor will review your application to get you pre-approved.
- who: First time home buyer
- real estate goals: $475-500k condo
- issues: Low credit score
Homeowners
Today’s best
mortgage rates
5-year variable
Refinance: 6.35%
5-year fixed
Refinance: 5.94%
Calculators and tools:
Affordability calculator
Evaluate if you can afford your target property and gain insight into your purchasing power
First-time buyer calculator
Decide if the federal incentive program makes sense for you
Pre-approval FAQs
What does getting a mortgage pre-approval actually do?
Getting pre-approved for a mortgage means a lender has checked your information and “approved” your application to borrow up to a certain amount. Income, credit, assets, liabilities, down payment, and other properties owned are the major factors involved in underwriting your mortgage and will all have an impact on your mortgage pre-approval. It’s important to know that a pre-approval doesn’t guarantee you will get a specific mortgage rate when it comes time to finalize the financing.
What does a mortgage pre-approval include?
Your mortgage pre-approval will include the maximum purchase price that you qualify for. It will consider all of the factors mentioned above in the evaluation, including your down payment. Your full name will be included on the pre-approval and it will be signed by a mortgage advisor.
Why is a pre-approval important?
A pre-approval will confirm a maximum purchase price and will allow you to shop for a property you can afford. A pre-approval will provide you with predictability and allow you to plan ahead and budget. It will also help you avoid purchasing a home you cannot afford. You can use a mortgage qualifier tool to help you get an estimate of how much mortgage you can afford.
Looking for more answers? See all FAQs →
