Aaron Brager Mortgages

Aaron Brager Mortgages Independent mortgage specialist with Castle Mortgage Group. Look forward to helping you!

I specialize in real estate financing of all types including: purchases, refinance, equity loans, investment properties, second homes and commercial real estate.

Contact me for more info., or if you want to discuss your current mortgage needs.
10/24/2024

Contact me for more info., or if you want to discuss your current mortgage needs.

Federal government raises CMHC mortgage cap to $1.5M and expands 30-year amortizations for first-time buyers The federa...
09/17/2024

Federal government raises CMHC mortgage cap to $1.5M and expands 30-year amortizations for first-time buyers


The federal government today announced some sweeping changes to Canada’s mortgage system in an effort to improve housing affordability and access.

One of the key changes is the increase in the CMHC-insured mortgage limit from $1 million to $1.5 million. This means buyers can now qualify for a mortgage with less than a 20% down payment on homes priced up to $1.5 million, making it easier to access higher-priced properties.

This move aims to help buyers in higher-priced markets where skyrocketing housing costs have made it nearly impossible for many to qualify for insured mortgages under the previous $1 million cap.

Another major reform is the extension of 30-year amortization periods to all first-time homebuyers. This expansion builds on the government’s announcement earlier this year to offer 30-year amortizations exclusively for new builds.

The government says this change will ease the financial burden on younger buyers, allowing them to spread payments over a longer period, thus reducing monthly costs.

Both changes will come into effect December 15, 2024.

The announcement follows growing concerns about housing affordability. Deputy Prime Minister and Finance Minister Chrystia Freeland emphasized that these reforms are designed to unlock homeownership for more Canadians and address the ongoing challenges in the housing market.

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” she said.

The government plans to introduce regulatory amendments to implement these mortgage reforms, with more details expected in the coming weeks.

If you have questions about your mortgage, how these changes may impact you or are currently shopping for a new home, please reach out to me today.

Understanding the Costs of Buying, Selling, and Refinancing a Home in CanadaWhen buying, selling, or refinancing a home ...
08/08/2024

Understanding the Costs of Buying, Selling, and Refinancing a Home in Canada

When buying, selling, or refinancing a home in Canada, closing costs are a key part of the process. These costs can sometimes catch you off guard if you're not prepared, so it’s important to know what to expect.

What Are Closing Costs?

Closing costs are the fees and expenses paid when finalizing a real estate transaction. They vary based on whether you're buying, selling, or refinancing. For buyers, these costs typically range from 1.5% to 4% of the purchase price, while refinancing can cost a few thousand dollars, often added to the mortgage balance.

Common Closing Costs When Buying a Home

Land Transfer Tax: Varies by province and municipality, based on the purchase price. Cost: A few hundred to several thousand dollars.

Legal Fees: Cover services like title searches and document preparation by a lawyer or notary. Cost: $1,500 to $3,000 or more.

Title Insurance: One-time fee protecting against title disputes. Cost: $150 to $500 or more.

Property Appraisal: Needed to determine market value for certain mortgages. Cost: $300 to $600 or more.

Home Inspection: Optional but recommended to spot potential issues. Cost: $500 to $800 or more.

Property Tax Adjustments: You may need to reimburse the seller for prepaid property taxes or receive a credit for unpaid taxes.

Mortgage Default Insurance: Required if your down payment is less than 20%. Cost: 2.8% to 4% of the mortgage amount, plus provincial tax.

Common Closing Costs When Selling a Home

Real Estate Commissions: Typically 3% to 5% of the sale price, paid by the seller. Includes applicable taxes like GST/HST.

Legal Fees: Cover services like verifying ownership and clearing liens. Cost: $1,000 to $3,000 or more.

Mortgage Discharge Fees: Charged by your lender to close out your mortgage. Cost: $200 to $500.

Mortgage Pre-payment Charges: May apply if you pay off your mortgage early. Cost: 3 months' interest or Interest Rate Differential (IRD).

Repairs and Maintenance: Costs for any agreed-upon repairs before closing.

Closing Costs When Refinancing a Home

Appraisal Fees: Required to determine your home’s current value. Cost: $300 to $600 or more.

Legal Fees: Covers the legal aspects of registering a new mortgage. Cost: $1,000 to $3,000 or more.

Mortgage Discharge Fees: Charged by your current lender to close your existing mortgage. Cost: $200 to $500.

Title Insurance:May be required to protect against title-related issues during refinancing. Cost: $150 to $500 or more.

Mortgage Pre-payment Charges: May apply if breaking your mortgage term. Cost: 3 months' interest or IRD.

Get Expert Help Today

Understanding and budgeting for closing costs is crucial in any real estate transaction. For personalized advice, get in touch today! I can also connect you with trusted Realtors, lawyers, notaries, or inspectors to help with your specific needs.

Are you are wondering how the new rate drop will affect your Adjustable Rate Mortgage payment? Here you go.
06/05/2024

Are you are wondering how the new rate drop will affect your Adjustable Rate Mortgage payment? Here you go.

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06/05/2024

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🏠 Dreaming of owning your own home? Let's make that dream a reality with these 5 essential stages to buying your dream h...
03/14/2024

🏠 Dreaming of owning your own home? Let's make that dream a reality with these 5 essential stages to buying your dream house! 🍁💼

1️⃣ **Get Pre-Approved with a Mortgage Broker:** Kickstart your journey by getting pre-approved for a mortgage through a trusted broker. This crucial initial phase helps you understand your financial capabilities and positions you as a serious buyer in the eyes of sellers. With my expertise, I'll ensure you secure the best pre-approval tailored to your needs.

2️⃣ **Work with a Trusted Realtor:** Partnering with a reliable real estate agent is key to finding your dream home. From scouring listings to scheduling viewings, your agent will be your guide through the entire process. With my network of trusted professionals, I'll connect you with a realtor who understands your preferences and priorities.

3️⃣ **Stay Within Your Means/Set a Budget:** Establishing a realistic budget is crucial. Consider factors like down payment, monthly mortgage payments, and other expenses. As your mortgage broker, I'll help you crunch the numbers and determine a budget that aligns with your financial goals.

4️⃣ **Identify Your Priorities for Neighborhood Selection:** Every neighborhood offers its own unique charm and amenities. Take the time to identify what matters most to you – whether it's proximity to schools, parks, or public transportation. With my guidance, you'll pinpoint the perfect neighborhood that complements your lifestyle and preferences.

5️⃣ **Envision Your Ideal Home Features:** Take time to envision the features you desire in your new home. Whether it's a gourmet kitchen, a spacious backyard, or a tranquil master suite, clarifying your preferences will streamline your search process. With my expertise, I'll help you find a property that fulfills your vision and exceeds your expectations.

Ready to embark on your homeownership journey? Reach out to me today, and let's start turning your dream of owning a home into a reality! 📲🔑 🇨🇦✨

"Design is the intermediary between information and understanding." -- Hans Hoffman
03/27/2023

"Design is the intermediary between information and understanding." -- Hans Hoffman

“Hold fast to dreams, for if dreams die, life is a broken-winged bird that cannot fly.” —Langston Hughes
03/21/2023

“Hold fast to dreams, for if dreams die, life is a broken-winged bird that cannot fly.” —Langston Hughes

"Every great design begins with an even better story." -- Lorinda Mamo
03/13/2023

"Every great design begins with an even better story." -- Lorinda Mamo

“What’s the greatest lesson a woman should learn? That since day one, she’s already had everything she needs within hers...
03/08/2023

“What’s the greatest lesson a woman should learn? That since day one, she’s already had everything she needs within herself. It’s the world that convinced her she did not.” –Rupi Kaur

Happy International Women's Day.

"Design adds value faster than it adds costs." -- Joel Spolsky
02/27/2023

"Design adds value faster than it adds costs." -- Joel Spolsky

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