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Getting Into a Dream Home with Ourboro
December 7, 2024 | Posted by: Nicholas Pratile
For many first-time homebuyers, saving for a substantial down payment can feel like an insurmountable hurdle. However, innovative solutions like Ourboro can help bridge the gap and make homeownership a reality much sooner than expected. Here's how we recently helped a young couple achieve their dream of owning a home.
The Challenge
'Anna' and 'Mark' had been renting for years, hoping to save enough for a down payment on their first home. They found a property they loved in their ideal neighborhood, but with rising home prices and their current savings, they could only put together a 5% down payment. This amount would not only increase their mortgage payments but also require them to pay costly mortgage insurance, further stretching their budget.
The Solution
Our team introduced Anna and Mark to Ourboro, a co-ownership platform designed to help homebuyers secure a larger down payment. With Ourboro, the couple contributed 5% of the purchase price, and Ourboro matched this with an additional 15%, giving them a 20% down payment.
This larger down payment allowed Anna and Mark to:
- Avoid mortgage insurance, reducing their overall costs.
- Secure a more competitive mortgage rate.
- Purchase their dream home in the neighborhood they loved, which was in Barrie, Ontario.
The Outcome
Thanks to the partnership with Ourboro, Anna and Mark were able to buy their first home without having to wait years to save a larger down payment. Instead of continuing to rent and risk being priced out of the market, they took advantage of this opportunity to build equity and start their journey as homeowners.
Reflection
This case highlights the importance of exploring creative financial solutions in today's housing market. By working with Ourboro, Anna and Mark didn't just purchase a home—they also saved time and money while investing in their future.
If you’re considering buying a home and need help with the down payment, reach out to us at Mortgages with Nicholas. We can explore strategies tailored to your needs and connect you with resources like Ourboro to make your homeownership dreams a reality.
Contact Mortgages with Nicholas to explore strategies tailored to your needs.
- Phone: 416-712-5621
- Email: info@mortgageswithnicholas.com
- Website: mortgageswithnicholas.com
- Facebook: Mortgages with Nicholas
- Instagram: @mortgageswithnicholas
Let’s make your homeownership dreams a reality!