Do co-buyers get a special type of co-ownership mortgage?

In an ideal world, every bank would offer mortgages designed to give co-buyers more flexibility and autonomy.

Today, these types of loans are rare, and most co-buyers get traditional mortgages—but we’re working hard to show banks the need for new, co-buyer-focused mortgages!

For now, here are two banks that offer co-ownership mortgage products:

Vancity in British Columbia offers a Mixer Mortgage that lets you transfer your part of the mortgage to someone else, so you can exit without your co-owners having to refinance.

Sterling Bank & Trust offers fractional loans in parts of the California Bay Area. With these loans, you’re only responsible for your payments. You aren’t affected if another co-owner defaults.

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These loans are rare, but whenever possible we’ll connect you with a bank offering specialty loans for co-buyers.

illustration of an orange, representing a co-ownership mortgage
illustration of two apples, representing traditional mortgages, with a star on one

In all cases, we work with mortgage advisors who know co-buying, to ensure you get the best loan available.

Don’t waste time—get your funds in line

Your mortgage determines your co-buying budget, so you can look at the right homes. Here’s the basic process.

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First, we’ll put you in touch with one of our partners. To find you the best loan, they’ll request some documents, like everyone’s tax returns and proof of income.

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After you’ve provided all the documents, you’ll get pre-approved for a loan of a certain amount. Now you know the home price you can afford together!

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You’ve got your budget, which means you can start your search in earnest. We’ll happily connect you with an experienced local agent to start touring homes.

Connect with a mortgage partner to get pre-approved

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Mortgage FAQ

How does Pairadime help us get a mortgage together?

Our mortgage partners specialize in co-buying and down payment assistance programs. They don’t just help you get a mortgage, they help you get the best mortgage.

Additionally, we’re always on the lookout for new co-ownership mortgage products designed specially for co-buyers. We’ll let you know if any of these options are available in your area.

Your Pairadime co-buy concierge can help you get started.

Can you have multiple borrowers on a loan?

Yes. In the eyes of the bank, more borrowers equals less risk of default. If one person loses their job, the others can pick up the slack.

Will banks get nervous if we’re not married?

Nope. Thanks to federal anti-discrimination laws in the US and Canada, banks can’t consider marital status when evaluating potential borrowers.

What is down payment assistance (DPA)?

Down payment assistance (DPA) programs provide funding to homebuyers, usually as a grant or loan. In addition to FHA and VA loans, there are more than 2,000 DPA programs available in the US!

DPA can make the difference between buying a home and not, so working with a mortgage broker with expert knowledge of these programs is a must.

That’s why Pairadime partners with mortgage professionals who specialize in co-buying and DPA.

What if my co-buyer is paying part of the down payment, but they’re not on the mortgage?

In this case, your co-buyer’s down payment money needs to be in your bank account two to three months in advance.

This is because many lenders require seasoned funds. For money to be considered seasoned, it needs to be in your account for longer than a certain length of time, usually 60 days.

Can I sell my ownership and get off the mortgage?

Yes. Most banks require the remaining co-owner(s) to refinance, however.

One exception is Vancity, which offers a special co-ownership mortgage (which they call a Mixer Mortgage) that allows you to transfer your mortgage to someone else without triggering a refinance.

What do banks look at when considering a mortgage application?

Banks look at each person’s:

• Income
• Debt-to-income ratio
• Credit score

How is income evaluated?

The lender adds all the borrower’s incomes together. This is how co-buying gets you into better properties.

What if my finances aren’t great?

If you or one of your co-buyers has bad credit or significant debt, your mortgage broker may suggest leaving that person off the mortgage.

In some cases, co-buyers leave this person off the title too. The person can still have a legally binding ownership share however, as long as everyone signs a co-ownership agreement.

What if someone doesn’t pay their share of the mortgage?

You can safeguard against this by keeping several advance mortgage payments in a joint account. This allows the person time to catch up on payments or sell their ownership share without affecting the co-owner(s).

The details of this approach are outlined in Agreement Builder.