Perch Mortgage review

How does Perch Mortgage work?

Perch is a digital platform that uses data-driven solutions to help you find the best mortgage. Open a free account to access the Perch portal, where you can compare lenders, upload documents and apply for pre-approval. Through the portal, you’ll be connected to a dedicated Perch Mortgage advisor who can help you navigate the rest of the application process.

Where does Perch Mortgage work?

Perch Mortgage was founded in 2018 and is headquartered in Toronto, Ontario. It offers free online mortgage comparison services in all Canadian provinces and territories.

Who does Perch Mortgage partner with?

Perch Mortgage works with some of Canada’s largest banks and independently owned mortgage companies. Some of its partners include:You can fill out the PathFinder tool on the Perch portal to curate a list of offers. Find instructions for how to access the Perch portal here.

What types of fees does Perch Mortgage charge?

You won’t pay any commission fees to shop for or close your Perch Mortgage. This means that using the service is completely free for customers.

What fees will I need to pay my lender?

The fees you’ll pay for your Perch Mortgage will vary based on the lender you choose. Fees could include the following:

• Origination fees. Fees to set up or maintain your loan.
• Closing costs. Costs for appraisals, title insurance or other services required for closing.
• Early repayment fees. Penalties you may incur to pay your loan off early.
• Late payment fees. Costs associated with late or missed payments.

What interest rates will I pay?

Your interest rates may vary based on your income, credit score, the amount you borrow and other personal factors. The average mortgage rate in Canada for a 5-year fixed or variable mortgage falls around 5.51%-7.39%. The rates advertised on Perch’s website fall below and within this range, so you know you’re getting a competitive deal.

What are the benefits of getting a mortgage through Perch Mortgage?

Enjoy the following benefits when you use Perch to compare home loans:

• Transparent rates. Perch advertises its rates on its website and provides a clear list of offers when you apply through its portal.
• Specialized tools. Use Perch‘s proprietary tools such as its Mortgage Pathfinder or mortgage and fee calculators to help inform your mortgage decision.
• Expert advice. You’ll be assigned a mortgage advisor to help you navigate the mortgage process when you apply for pre-approval.
• Free to use. Rest easy knowing that Perch advisors don’t work on commission, so you’ll get a competitive deal.
• Professional recommendations. Get recommendations for lawyers or realtors to help you house hunt and close your mortgage if you don’t have someone in mind already.
• Refer a friend. Invite friends and get up to $500 cash for each friend that funds their mortgage with Perch.

What to watch out for

• Convoluted process. You have to go through Perch‘s Pathfinder tool to generate quotes and then pre-apply with a specific lender.
• Quoted rates aren’t guaranteed. The lender you pick may increase your rates once you submit more personal information (Pathfinder only shows advertised rates).
• Select lenders only. Perch only works with select partner lenders, which means you could miss out on a better deal elsewhere.
• No in-person service. You won’t be able to visit Perch Mortgage in person to discuss your mortgage needs, which can be tricky if you run into any issues.

How do I get started?

1. Got to the Perch Mortgage website and select Sign up in the top right corner.
2. Create an account by entering your email address and a password.
3. Input your name and how you heard about Perch.
4. Access the Perch Mortgage dashboard and select Mortgage Pathfinder.

How to use the Perch Mortgage Pathfinder

Follow these steps to use the Perch Mortgage Pathfinder tool.

1. Outline your objective

Indicate whether you want to buy a new home, switch/renew your mortgage or refinance an existing mortgage.

2. Input details

Provide information such as your location, home price, down payment and if you will live on site. You can also include additional filters (outlined below) to narrow your results.

3. Generate offers

Indicate whether you would like to compare rates with an existing offer you have from another lender and then select View offers to generate a list of rates for your Perch Mortgage.

4. Compare offers

Get a customized list of the best deals from several lenders for your particular situation. The site also provides insight into how many offers and lenders were analyzed to generate your list of offers.

5. Expand and apply

Expand each offer to get more details about the offer. If you want to submit an application for the lender in question, simply select Apply.

6. Fill out application details

A secondary application will open when you select Apply. Provide personal details like your name, address, employment and residence information to get pre-approved. You can also schedule a call with your assigned Perch Mortgage agent if you want more guidance on the application process.

Perch Mortgage eligibility requirements

To apply for a Perch Mortgage, you need to meet the following criteria:

Eligibility requirements	How to prove your eligibility
Be a citizen or resident of Canada and the age of majority in your province	Submit copies of government-issued ID such as passport or driver’s licence
Meet credit score requirements (varies depending on the mortgage provider you choose)	Consent for Perch to pull your credit report
Meet income and employment requirements (varies by lender)	Provide bank statements, pay stubs and letters of employment

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