Down payment financing opens doors, but at what cost?

Ourboro is a new Ontario-based financing company that helps first-time home buyers in Toronto, Hamilton, London, Kitchener-Waterloo and Guelph come up with the cash for a down payment, in exchange for an unequal share of the home's appreciation in value. The company has already received over 800 applications and contributed $5 million to house down payments, however, mortgage broker Mary Sialtsis warns that there are considerable risks and caveats associated with the program. Homebuyers working with Ourboro risk being turned down for a mortgage by banks, as well as losing a large portion of the equity in the home

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