Ourboro co-buys condominiums, townhouses, semi-detached, and single-family detached homes.

At this time, we are unable to co-invest in pre-construction properties, homes that are part of a co-operative, or fixer-upper properties where critical infrastructure like walls, flooring, roofing, HVAC, electrical, and plumbing are not in place and/or are not in good working order.

Yes. Our team has partnered and built processes with select, well-known lenders that understand our model. You will be connected with them as part of our application and onboarding process. Rest assured all of our lenders will be able to offer you a competitive mortgage and great service. We will continue to add more lending partners to our product as we expand.

If you’re a mortgage agent or broker interested in referring your clients to Ourboro, visit our Referral Partners page to learn about co-brokering and how we can work together to help your buyers. Please note, Ourboro does not collect, or pay, any referral fees to those who bring buyers to our program. 

All third parties must agree to abide by Ourboro policies and guidelines and complete any onboarding requested by Ourboro. This ensures a smooth buying experience for our co-owners.

No, that’s one of the great benefits of co-ownership! Co-buying with Ourboro means you’re guaranteed to reach a 20% down payment, so you won’t need mortgage insurance. This lowers your mortgage payments, saving you money each month. 

You can choose to invest anywhere between 5% to 15% of the home’s purchase price and Ourboro will invest the remaining, up to a maximum of $250,000, to reach a 20% down payment.

No, we do not run any credit checks. When applying, we ask for your approximate credit score, along with your monthly debt payments and household income, to get a general idea of your debt carrying capacity. Once we refer you to our lending partners, they will do a full credit check as part of their usual mortgage pre-approval process.

Since we are co-buying a property, it’s important that we are co-represented by the best real estate agents to help us in buying, and eventually selling, the home.

Ourboro has preferred real estate brokerages to whom we currently refer homebuyers, who do not have a signed Buyer Representation Agreement (BRA) with an existing agent. If you do already have a signed BRA please specify this on your application.

If you’re a real estate agent interested in referring your clients to Ourboro, visit our Referral Partners page to learn how we can help. Please note, Ourboro does not collect, or pay, any referral fees to agents who bring buyers to our program. 

All third-party agents must agree to abide by Ourboro policies and guidelines and complete any onboarding requested by Ourboro. This ensures a smooth buying experience for our co-owners.

As the co-owner living in the property, it is your responsibility to cover all closing costs when you purchase and sell the home. The exception to this is Ourboro’s share of the land transfer tax at the time of purchase. Since land transfer taxes typically make up the largest share of closing costs, this allows our co-buyers, to put more of their hard-earned savings toward their home, rather than toward transaction costs, making the economics of co-buying with Ourboro even more of a no-brainer, starting on day one.

When the property is purchased both you and Ourboro will pay land transfer tax proportionate to your equity interest. For example, if we have a 50-50 equity split in the home, we would each pay 50% of the land transfer tax. 

Please note, if you qualify for the first-time homebuyer land transfer tax rebate, the rebate can only be claimed on the amount of tax you pay, not on the property’s total tax.

You can apply to co-buy with Ourboro at any time. If it seems like we’re a fit, you’ll be invited to a discovery call with one of our team members. This gives you the opportunity to ask any questions about Ourboro and lets us learn more about you and your home buying journey.

After your discovery call, we will connect you to one of our lending partners to receive a mortgage pre-approval. Your mortgage pre-approval is what allows our team to determine how much we can contribute towards your home.

After being referred to a lending partner, signing a successful offer on a home can take anywhere from 2- 4 months. This largely depends on how quickly you receive your mortgage pre-approval and how long you spend searching for your home!