Why choose Ourboro?
In Ontario, approximately 40% of parents help contribute to their children’s down payment, with an average gift of just over $70,000.
But what if your parents can’t offer you the same financial support? That’s where Ourboro comes in.
Ourboro will co-invest in your home alongside you, contributing 5-15% of the home’s value to help you reach a 20% down payment and become a homeowner sooner. We’re not a lender, instead we co-own alongside you. And, since we’re both invested in the home, we are fully aligned in helping you succeed at every step along the way.
Don’t take homeownership off the table.
How does co-ownership with Ourboro work?
After completing your application and having a quick call with a member of our team, you’ll receive a mortgage pre-approval from one of our lending partners and be connected to a top-performing real estate agent to help you find your new home.
Once you get the keys and move in, Ourboro will be your silent co-owning partner. Take advantage of our complimentary home maintenance service to help protect the home’s value and make minor changes to the home when, and how, you want to. Major updates may even qualify for our Renovation Credit Program.
We can co-own the home together for up to 30-years. Of course, you are free to sell the home, or make an offer to buy our share, at any time. Keep in mind, our co-ownership model is ideal for those that are looking to sell within the first 10 years.
When the home is sold, we’ll divide the appreciation based on our original down payment contributions. Don’t worry, if the home’s value hasn’t increased, or has decreased, we will accept the loss on our investment and you won’t owe us anything.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment. Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank and any third parties will be paid back first. Then, you’ll receive back the amount you put towards your mortgage principal from the net proceeds, before we divide up any of the equity. This means your mortgage principal repayment always has priority over Ourboro’s earnings.
After any final adjustments, we’ll divide the remaining equity according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment.
Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank will be paid back first. Payments the co-owner made towards their mortgage principal will then be returned to them from the sale proceeds. Please note, closing costs will be the responsibility of the co-owner. Depending on the home’s appreciation rate, they may be eligible for a selling bonus to help cover a portion of their closing costs.
After any final adjustments, we’ll divide the remaining proceeds according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
How does co-ownership with Ourboro work?
After completing your application and having a quick call with a member of our team, you’ll receive a mortgage pre-approval from one of our lending partners and be connected to a top-performing real estate agent to help you find your new home.
Once you get the keys and move in, Ourboro will be your silent co-owning partner. Take advantage of our complimentary home maintenance service to help protect the home’s value and make minor changes to the home when, and how, you want to. Major updates may even qualify for our Renovation Credit Program.
We can co-own the home together for up to 30-years. Of course, you are free to sell the home, or make an offer to buy our share, at any time. Keep in mind, our co-ownership model is ideal for those that are looking to sell within the first 10 years. This shorter time frame allows you to get into the market and grow your investment, without having to share decades worth of appreciation.
When the home is sold, we’ll divide the appreciation based on our original down payment contributions. Don’t worry, if the home’s value hasn’t increased, or has decreased, we will accept the loss on our investment and you won’t owe us anything.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment. Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank and any third parties will be paid back first. Then, you’ll receive back the amount you put towards your mortgage principal from the net proceeds, before we divide up any of the equity. This means your mortgage principal repayment always has priority over Ourboro’s earnings.
After any final adjustments, we’ll divide the remaining equity according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment.
Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank will be paid back first. Payments the co-owner made towards their mortgage principal will then be returned to them from the sale proceeds. Please note, closing costs will be the responsibility of the co-owner. Depending on the home’s appreciation rate, they may be eligible for a selling bonus to help cover a portion of their closing costs.
After any final adjustments, we’ll divide the remaining proceeds according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
Unlock homeownership, sooner.
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Is Ourboro for you?
You're in our borough.
You’re looking for a home in one of our regions.
You qualify for a mortgage.
You have enough income to support a mortgage, but lack the savings to make the full down payment.
You've been saving.
You have at least 5% saved for a down payment.
This will be your first home, not your last.
You’re planning on living in this home for less than 10 years.