Darryl Moxam - The TMC Group

Darryl Moxam - The TMC Group Darryl Moxam is a Licensed Mortgage Agent ready to work with you in the mortgage process. All services are FREE! *OAC. Some conditions apply.

Book your appointment today.

Happy Easter Sunday! 🐰🌷🐣 We hope you're spending this day with loved ones and enjoying the beauty of spring. As we celeb...
04/09/2023

Happy Easter Sunday! 🐰🌷🐣 We hope you're spending this day with loved ones and enjoying the beauty of spring. As we celebrate new beginnings, we encourage you to take some time to reflect on your future goals. Whether it's buying a home or making other big changes, we're here to support you on your journey. Wishing you a wonderful day filled with joy and hope!

Are you looking to buy your first home?The first step in the home-buying process is to get pre-approved. A pre-approval ...
02/23/2023

Are you looking to buy your first home?

The first step in the home-buying process is to get pre-approved. A pre-approval is an estimate of how much you can borrow based on your financial information and is a good way to determine your budget and what you can afford.

A pre-approval is also helpful when negotiating with sellers, as it shows that you are a serious and qualified buyer. It gives you a competitive edge and can make the home-buying process smoother. Additionally, it helps you avoid disappointment if you fall in love with a property that you later find out you cannot afford.

To get a pre-approval, you'll need to books some time with an agent on our team to review your financial profile. We'll examine your income, employment, credit history, and debt to forecast what a lender may be willing to offer you.

Keep in mind that a pre-approval is not a guarantee that you will be approved for a mortgage. It is important to continue to maintain good credit and financial stability during the home-buying process to increase your chances of getting approved.

Ready to start the pre-approval process? Send us a message, we'd love to book some time to chat! 😁

From our family to yours, Happy Family Day!Today is a day to celebrate the special bond that we share with our loved one...
02/20/2023

From our family to yours, Happy Family Day!

Today is a day to celebrate the special bond that we share with our loved ones. Our family is the foundation of our lives, and they provide us with unconditional love, support, and comfort through all of life's ups and downs. Let's take this opportunity to show our appreciation for the people who mean the most to us and create lasting memories together. Wishing you all a day filled with love, laughter, and cherished moments.

Do you know how much a home is worth?If you're not a real estate agent or home appraiser, you may not be in the best dec...
02/20/2023

Do you know how much a home is worth?

If you're not a real estate agent or home appraiser, you may not be in the best decision to accurately value a home. An integral step in home-buying is having the home valued before purchase.

An appraisal is a professional evaluation of the value of a property. It is commonly used in the mortgage approval process to determine the market value of a home.

An appraisal is performed by a licensed appraiser who has the knowledge and experience to determine the value of a property. The appraiser will inspect the property, consider its location, age, condition, and other relevant factors, and compare it to similar properties in the area to determine its market value.

The purpose of an appraisal is to protect both the lender and the borrower. For the lender, it helps to ensure that the property being used as collateral for the loan has a value equal to or greater than the loan amount. For the borrower, it helps to ensure they are not overpaying for the property.

In Ontario, appraisals are governed by the Real Estate and Business Brokers Act (REBBA), which sets standards for the conduct of real estate professionals. This means that appraisers must be licensed and must follow strict ethical and professional standards.

Overall, an appraisal is an important step in the mortgage approval process in Ontario, Canada, as it helps to determine the market value of a property and protects both the lender and the borrower.

For more information on what an Appraisal is, don't hesitate to get in touch with us! 😁

A credit check is a process that involves reviewing an individual's credit history and credit score. It is used by lende...
02/17/2023

A credit check is a process that involves reviewing an individual's credit history and credit score. It is used by lenders to assess the creditworthiness of potential borrowers and is an essential step in the mortgage approval process in Ontario, Canada.

A credit check is typically performed by a credit reporting agency, such as Equifax or TransUnion. It provides lenders with information about an individual's credit history, including payment history, outstanding debts, and other factors that may impact their credit score.

Lenders use this information to determine the level of risk associated with lending money to a borrower. A high credit score and a good credit history can leave you with more options when looking for a mortgage. A low credit score or a history of late payments or default can make it more difficult to get approved by A lenders, but not impossible!

In Ontario, credit checks are governed by the Personal Information Protection and Electronic Documents Act (PIPEDA), which sets standards for collecting, using, and disclosing personal information. This means lenders must have an individual's consent to perform a credit check and use the information for the purpose for which it was collected.

Overall, a credit check is an integral part of the mortgage approval process in Ontario, Canada, as it helps lenders assess an individual's creditworthiness and ability to repay a loan. Individuals need to maintain a good credit history and credit score to increase their chances of getting approved for a mortgage.

For more information on what a Credit Check is, don't hesitate to get in touch with us! 😁

Income verification is a process that confirms your employment status and income. It is used by lenders to assess your a...
02/15/2023

Income verification is a process that confirms your employment status and income. It is used by lenders to assess your ability to repay a loan and is a key part of the mortgage approval process in Canada.

The income verification process involves the lender reviewing documentation, such as pay stubs, tax returns, or T4 forms, to confirm your income. This information helps the lender determine your debt-to-income ratio, which measures how much of your income goes toward debt payments. A high debt-to-income ratio can make getting approved for a mortgage more difficult, as it indicates that you may have a higher risk of defaulting on your loan.

Income verification is a crucial step in the mortgage approval process to ensure that you can afford to repay your loan. Being honest and accurate about your income when applying for a mortgage is important, as lenders can verify the information you provide. Inaccurate information can result in a loan denial or even legal consequences.

Overall, income verification is a standard part of the mortgage application process in Canada and helps ensure that you and your lender are on the same page about your financial situation and ability to repay the loan.

Thinking about buying a new home? Let's connect to determine what you're in the market for! 😁

Are you looking at a property that the bank possessed as a result of foreclosure?Foreclosure is a serious financial matt...
02/10/2023

Are you looking at a property that the bank possessed as a result of foreclosure?

Foreclosure is a serious financial matter that can result in losing one's home. It occurs when a borrower fails to make payments on their mortgage, and the lender seeks to recover the outstanding debt by seizing and selling the property. The foreclosure process typically begins with the lender sending a notice of default to the borrower, indicating that they have fallen behind on their payments and must take action to remedy the situation.

Sometimes, the borrower and lender may work together to find a solution, such as a loan modification or repayment plan. If these efforts are unsuccessful, the lender may proceed with a court-ordered sale of the property. The sale proceeds are used to pay off the outstanding mortgage debt and any other liens or debts associated with the property.

For more information on what a Foreclosure is, don't hesitate to get in touch with us! 😁

What is Mortgage Default Insurance and how can it help you when purchasing a home.Mortgage Default Insurance is a safety...
02/07/2023

What is Mortgage Default Insurance and how can it help you when purchasing a home.

Mortgage Default Insurance is a safety net for mortgage companies against default from home owners. If a home owner is unable to make their mortgage payments and falls into serious arrears that require the mortgage company to foreclose on a home, the mortgage default insurance will compensate the lender for any losses incurred due to the default. This can help to ensure that the lender can recover some or all of the money they have loaned to the borrower, even if the borrower cannot repay the full amount. This helps to protects our banking and mortgage system against failure.

Mortgage Default Insurance can benefit you by helping you qualify for a mortgage with a down payment as low as 5% of your home purchase price (some conditions apply). In Canada, this kind of insurance is typically provided by Canada Mortgage and Housing Corporation (CMHC), Sagen, and Canada Guaranty.

Mortgage default insurance can also help you with an added layer of protection against the risk of default to your mortgage. If you are experiencing financial difficulties and are struggling to make your mortgage payments due to a material change in life, such as: loss of employment, disability, separation, or even just the recent increase in variable rates, the mortgage default insurance companies generally have an assistance program to provide you with some temporary relief to help you from being forced to sell your home.

For more information on how Mortgage Insurance can help, don't hesitate to get in touch with us! 😁

A mortgage broker acts as a middleman between borrowers and lenders. They have knowledge of a wide range of mortgage pro...
01/31/2023

A mortgage broker acts as a middleman between borrowers and lenders. They have knowledge of a wide range of mortgage products and lenders, and can help borrowers find the best mortgage for their needs. This can include finding a mortgage with a low interest rate, a flexible repayment schedule, or a specific type of mortgage, such as a fixed-rate or adjustable-rate mortgage.

When working with a mortgage broker, borrowers typically provide information about their income, credit score, and other financial details. The broker then uses this information to find mortgage options that fit the borrower's needs and qualifications. They will also review the different options available and help the borrower to understand the pros and cons of each one.

Once the borrower has chosen a mortgage, the broker will assist with the application process, including submitting the necessary paperwork to the lender. They also help to negotiate the terms of the mortgage and ensure that the borrower fully understands the terms and conditions.

For more information on what a Mortgage Broker is, don't hesitate to get in touch with us! 😁

Foreclosure and mortgage bankruptcy are two different legal processes that can occur when a homeowner is unable to make ...
01/27/2023

Foreclosure and mortgage bankruptcy are two different legal processes that can occur when a homeowner is unable to make their mortgage payments. Both can result in the homeowner losing their home, but they involve different steps and have different implications.

Foreclosure is a legal process by which a lender can take possession of a property when a borrower defaults on their mortgage payments. In Canada, the process can differ slightly depending on the province, but in general, the lender must first provide the borrower with notice of default and give them an opportunity to bring the account current. If the borrower fails to do so, the lender can then begin the foreclosure process, which typically involves the sale of the property through a public auction.

Mortgage bankruptcy, on the other hand, is a legal process by which an individual or company that is unable to repay their debts can seek protection from their creditors. In Canada, the process is governed by the Bankruptcy and Insolvency Act. When a homeowner files for bankruptcy, a trustee is appointed to manage their assets, which can include their home. The trustee will typically sell any non-exempt assets, such as the home, in order to repay the homeowner's creditors.

It is important to note that while foreclosing a property is a right that banks have but they prefer to avoid it if possible and rather restructure the loans and try to find a solution to make the mortgage payments possible for the borrower. Also, In Canada, The borrower has some protections that can delay the foreclosure process if he contest it.

In general, foreclosure is a process initiated by the lender, while mortgage bankruptcy is a process initiated by the borrower. Both can result in the homeowner losing their home, but mortgage bankruptcy can also result in the discharge of other debts and a fresh start financially, but it can also impact the credit score for a long period of time.

For more information on what Foreclosure and Mortgage Bankruptcy is, don't hesitate to get in touch with us! 😁

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Greater Sudbury, ON
P3B1P3

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+17058059055

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