A mortgage pre-approval is a conditional assessment from a lender that estimates how much you can borrow based on your financial profile. It’s not a final mortgage approval, but it shows sellers you’re a serious buyer and helps you search within your budget.
With Perch, pre-approval is simple, secure, and fully digital. We use all of the information in your profile—including details from your co-applicant and your prospective down payment—in our proprietary tools to determine your purchasing power, maximum purchase price, and more. We apply key affordability ratios and industry-standard calculations to give you the clearest picture possible of what you can afford, and to maximize your chances of getting approved with our lending partners.
Ready to get started? Here's how the pre-approval process works—and what to know about mortgage rates as you begin your home search.
How to get pre-approved
To get pre-approved, sign up for a free Perch account and complete your profile. You’ll be asked to provide details about your income, debts, assets, and employment, and you’ll need to upload supporting documents. Once your profile is complete and all required documents are submitted, your advisor will review everything and issue your pre-approval.
You can check out our walkthrough of the application process here.
How long does it take to get pre-approved?
Once you (and any co-applicants) have started your plan, completed your profile, completed a credit check, and uploaded all required documents, a Perch advisor will review your application and request any additional information if needed.
We aim to issue your pre-approval within 1 to 2 business days, but it can be as fast as same day if everything is completed accurately and promptly. To help avoid delays, ensure your profile and your co-applicant(s) profiles are fully completed and all requested documents are submitted correctly.
Why don’t pre-approvals include a mortgage rate?
At this time, Perch pre-approvals do not include a specific interest rate. This is because:
Timing matters: We don’t know how long your home search will take. Mortgage rates locked today may expire if you haven’t found a home within 90 days.
Better rates later: Rates fluctuate daily. Locking in a rate too early may result in a higher rate (sometimes 0.25% to 0.50% more) than what could be available when you're actually ready to make an offer.
Rate lock premiums: Lenders often apply a premium to locked-in rates. Without an accepted offer, locking in a rate too early may not give you the best deal.
For now, if you’d like to explore available rates or understand what your future rate could be, you can always use our Pathfinder Tool which can be accessed here.
Where do rates come from?
Perch works with a wide range of regulated Canadian financial institutions, including banks, credit unions, B lenders, and private lenders. Each lender offers different rates based on factors like loan type, term length, and borrower profile. When you’re ready to apply for a mortgage, your advisor will help you compare your eligible options and find the best available rate.