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Dazzling End-Unit Condo!

Contemporary open floor-plan, this 2 bedroom 2 bath home has been upgraded and renovated! Boasting custom laminate flooring, granite counters, stainless steel appliances and contemporary paint colors. Both baths have been remodeled! Spacious & private, this location offers courtyard views, a front porch/balcony plus a 2nd private balcony located off the master!  In addition to the two baths, there is a separate interior laundry area.  A single car detached garage makes parking a snap!  Located within walking distance to RSM pools, tennis, hiking trails and schools!  Call or Text Colleen today for a showing, 949-292-5698!

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What to expect when you buy a home

     

What to Expect When You Buy a Home…

Assemble Your ‘A’ Team:

  • Not all agents are created equal find a Realtor® you like and trust!
  • Enlist the services of a trustworthy lender with experienced loan officers.

Money Stuff:

  • A lender will pre-approve you for a loan
  • A lender can advise you how to keep your credit score squeaky clean!
  • Be realistic about what you can afford – do not fall in love with homes that cost more than your pre-approved loan amount.
  • You will submit a purchase offer.
  • Proof of funds will be needed to close the transaction.
  • Proof of funds will include your down payment and closing costs.
  • Your Realtor® and your lender will help you understand your closing cost fees.
  • First-time homebuyer grants and programs can help you qualify for a home loan – Note: To qualify for funding assistance, you may need to take a class or seminar.
  • You may have to submit many offers before yours is accepted.
  • Expect counter offers to go back and forth until an agreement is reached.
  • Be prepared to give your best and final offer, and if accepted- make sure you are in town to handle the paperwork!
  • You only have three (3) business days to get the earnest money into escrow.
  • Be aware of security issues if your money will be wired to escrow from your account.
  • When you find ‘the’ house, your Realtor will share sales prices of similar homes (comparables) to help you make an informed decision, and a strong purchase offer.
  • Doing your due diligence with the loan means providing all documentation needed to the lender.
  • Your lender will order a home value appraisal on the home you want to buy.
  • Payment of the appraisal is due in advance of the service being performed.
  • You must also pay for your home inspection when the inspection is done.
  • When you have signed-off on all disclosures and contingencies, do not make any financial purchases during this tim

You Will Become Obsessed:

  • With looking at homes everywhere including online!
  • You’ll love to share homes you’ve found with family and friends, don’t forget to share with your Realtor® (Especially if you change plans or your ‘must-haves’).
  • You will view every open house as an open invitation – don’t forget to take your Realtors’® business card with you if they are not with you.
  • If you look at new home models; take your Realtor® with you on the first visit.The Small Print:
    • You have 10-17 days to do all of your inspections depending on what was negotiated. You should attend the home inspection, or at a minimum attend the recap at the end of the inspection. Schedule any additional inspections that are needed. Payment is due at the time of the inspection(s).
    • You will need to remove all contingencies – typically 17-21 days after making your offer. If you change your mind about something not covered in the contract, your earnest money may be at risk.

    What you’ll Want and Need to Know:

    • Do not expect to be able to pop into the house you are buying at anytime. The sellers are still living there, and you need to respect that.
    • It may take a week to receive your appraisal report.
    • You need to read and sign all documents forwarded to you- escrow papers, HOA documents, loan disclosures, house disclosures, Realtor®
    • You will need to read the home inspection report and make a list of repairs concerning health and safety issues that you can request the seller to complete.
    • The seller will review your request for repairs and will let you know what they will or will not do.
    • You should survey the area around the house; visit it at different times and many days of the week. Drive around the area and know what the neighborhood offers- good and bad. So you can make an informed decision.
    • When you sign-off on all disclosures and contingencies, it becomes a waiting game.
    • About 5-7 days before closing you will do a final walk-thru to ensure the house is in the same condition as when you purchased it.
    • A couple of days before closing you will be schedule a time to meet with a notary and sign loan documents.
    • When documents have been signed and returned to escrow, they will be sent to the lender.
    • The lender will review all documents and also review your credit report again, and then decide whether to fund the loan.
    • When a loan has been funded, you must wait for it to be recorded. When the home is recorded, the home is legally yours.
    • Some sellers negotiate to stay in the house a few days after closing – usually at no rent. You will be getting the keys after they vacate the house.
    • You may get frustrated… Keep on looking and presenting offers.
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What to expect when you close your loan

Closing Costs, Prepaids & No Surprises. What to Expect When You Close Your Loan 

Nobody wants to be surprised by the cost to close their mortgage loan. The Government-designed one-size-fits-all Good Faith Estimate and Truth-In-Lending statements add to the confusion despite the Government’s attempt to protect the borrower. Many homebuyers and refinance borrowers end up paying more than expected when they close their loans. If their mortgage professional doesn’t take the time to fully explain the various costs to close, unhappy borrowers is the result.

The cost to close can be lumped into four categories. They are not all “Closing Costs”. It is helpful to have an understanding of the difference between closing costs, pre-paid items, property taxes and insurance and how they all impact the cost to close a transaction.

1.      Closing Costs: 

Closing Costs are actual non-recurring or one-time costs associated with closing a transaction. Most of the costs are third-party costs for necessary services such as Escrow, Title Insurance, Appraisals, Flood Certifications and Lender Underwriting or Document Preparation fees, etc. These are charges to a borrower no matter which mortgage company they choose to work with.

2.      Prepaid Items: 

Pre-paid items are not technically closing costs. They are recurring or pro-rated items that would be payable by any borrower but required to be paid at the time of closing. They may include the following:

  • Proration of Interest: Interest on the new loan will be collected from the day of closing until the end of the month in which the loan is funded. It can range from one-day to 30-days of interest. Since interest on mortgages is always paid in arrears, this cost to close is offset by the fact that the borrower has no payment to make in the first full month after the closing of the new loan. For example, when a loan closes on the 15th of May, the borrower pays interest for 16 days through the end of May at the time of closing. But, the first payment on the new loan is not due until July (not June).
  • Property Taxes: A borrower will always have to pay property taxes. On a purchase transaction, they are prorated between buyer and seller. The amount depends on whether or not the seller has already paid them and the date through which they were last paid. If taxes are due within 60 to 90 days of closing, the lender will require that they be paid at the time of closing.
  • Homeowners Insurance: Insurance companies require payment in advance for the year. Therefore, at closing, the borrower will pay the first year homeowners insurance premium. On a refinance transaction, the lender will require payment if the next premium due date is within 90 days of the loan closing.
  • Impounds/Escrows: With most types of loans, the borrower has the option of paying the cost of property taxes and insurance with their monthly payments. Again, depending on when the taxes and insurance are next due, the lender will need to collect some money from the borrower at the time of closing so there will be enough funds to make the payment when they come due again next year.  In California we call this collection of tax and insurance costs “impounds”. In most of the country it is called “escrow”.

3.      Interest Rate, Discount Points & Rebates: 

Lenders offer multiple interest rate/point options for each loan program. The rate/points change daily depending on the performance of the financial markets. Additionally, there are adjustments for most buyers depending on their down payment or equity, credit scores, occupancy and other factors. In most cases, the borrower has the option of taking an interest rate that is below-market or above-market. The borrower has the option of paying a point or some fraction of a point in return for a lower interest rate. The borrower also has the option of taking an above-market rate in return for the lender paying a credit or rebate to the borrower that can be applied toward their cost to close. For example, if the “market-rate” is 4.5%, the lender may offer rates between 4% and 5% in 1/8% increments. Each option has a cost or rebate associated with it.

4.      Down Payment: 

The Down Payment is simply the difference between the Purchase Price and the Loan Amount.

No Surprises: 

On purchase and refinance transactions, all money flows through the escrow company. It is the escrow company’s responsibility to verify all of the costs, prepaid items, taxes, insurance, impound/escrow amounts and down payment amounts from all of the service providers. An Estimated Closing Statement, also called a HUD-1, should be given to the borrower in advance of closing so they have time to review it, ask questions, etc.

It should be the duty of the Loan Officer or Mortgage Broker to explain the costs and the process to the borrower in the beginning, during the process and prior to the closing. When dealing with a mortgage professional that does their job properly, there should be no surprises at the closing.

Article compliments of

Richard T. Cirelli
President
RTC MORTGAGE CORPORATION
Phone: (949) 494-4701
Fax:     (949) 494-6703
License:NMLS: 288939 / 288267
rick@RTCmortgage.com
www.rtcmortgage.com

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Orange County Utilities

CITY CABLE ELECTRIC

GAS

TRASH WATER PHONE
Aliso Viejo

Cox

949.240.1212

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Solig Disposal

949.728.0446

Moulton Niguel W.D.949.831.2500

SBC

800.310.2355

Anaheim

Adelphia

714.632.7103

City of Anaheim714.765.3300

Gas Co.

800.427.2200

Anaheim Disposal714.238.3300 City of Anaheim714.765.3300

SBC

800.310.2355

Brea

Adelphia

800.626.6299

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Brea Disposal

714.238.3300

City of Brea

714.990.7688

SBC

800.310.2355

Buena Park

Adelphia

714.680.4070

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Park Disposal

714.522.3577

City of Buena Park714.562.3721

SBC

800.310.2355

Costa Mesa AT&T Broadband888.255.5789

S.C.E.

800.684.8123

Gas Co.

800.427.2200

Costa Mesa Disposal

949.646.4617

Irvine Ranch W.D.949.453.5300

SBC

800.310.2355

Coto De Caza

Cox

949.240.1212

S.C.E.

800.684.8123

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191

Santa Margarita W.D.

949.459.6420

SBC

800.310.2355

Cypress AT&T Broadband888.255.5789

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Briggeman Disposal949.551.8580 So. California Water714.535.8010

SBC

800.310.2355

Dana Point

Cox

949.240.1212

S.C.E.

800.655.4555

San Diego Gas800.411.7343

Solig Disposal

949.728.0446

South Coast W.D.949.499.4555

SBC

800.310.2355

Fountain Valley

Time Warner

714.903.4000

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Rainbow

714.847.3581

City of Fountain Valley

714.593.4420

Verizon

800.483.4000

Fullerton

Adelphia

714.680.4070

S.C.E.

800.655.4555

Gas Co.

800.427.2200

MG Disposal

714.238.3300

City of Fullerton714.738.6890

SBC

800.310.2355

Garden Grove

Time Warner

714.898.3800

S.C.E.

800.684.8123

Gas Co.

800.427.2200

Garden Grove Disp.714.238.3300

City of Garden Grove

714.741.5078

SBC

800.310.2355

HuntingtonBeach

Time Warner

714.898.3800

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Rainbow Disposal714.847.3581

Huntington Beach W.D.

714.536.5919

Verizon

800.483.5000

Irvine

Cox

949.720.2020

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191 Irvine Ranch W.D.949.453.5300

SBC

800.310.2355

Laguna Beach

Cox

949.546.2000

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191 South Coast W.D.949.499.4555

Verizon

800.483.3000

N. Laguna Hills

Cox

949.720.2020

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191 Moulton Niguel W.D.949.831.2500

SBC

800.310.2355

S. Laguna Hills

Cox

949.240.1212

S.C.E.

800.655.4555

San Digo Gas

800.411.7343

Solig Disposal

949.728.0446

El Toro W.D.

949.837.7050

SBC

800.310.2355

Laguna Niguel

Cox

949.240.8828

S.C.E.

800.684.8123

San Diego Gas800.411.7343

Solig Disposal

949.728.0446

Moulton Niguel W.D.949.831.2500

SBC

800.310.2355

Laguna Woods

Cox

949.240.1212

S.C.E.

800.684.8123

Gas Co.

800.427.2200

South Coast Refuse949.752.2638

El Toro W.D.

949.837.7050

SBC

800.310.2355

CITY CABLE ELECTRIC

GAS

TRASH WATER PHONE
La Habra

Adelphia

800.432.2233

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.562.694.3730 City of La Habra562.905.9731

Verizon

800.483.5000

La Palma AT&T Broadband888.255.5789

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Park Disposal

714.522.3577

City of La Palma714.690.3310

SBC

800.310.2355

Lake Forest

Cox

949.240.1212

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191 Irvine Ranch W.D.949.453.5300

SBC

800.310.2355

Los Alamitos

Time Warner

714.898.3800

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Briggeman Disposal714.527.4221 So. California Water562.430.7541

Verizon

800.483.4000

Mission Viejo

Cox

949.240.1212

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.949.642.1191 Moulton Niguel W.D.949.831.2500

Verizon

800.483.3000

Newport Beach

Adelphia

714.542.6222

S.C.E.

800.655.4555

Gas Co.

800.427.2200

City of Newport Beach

949.644.3066

City of Newport Beach

949.644.3050

SBC

800.310.2355

Orange

Time Warner

714.903.4000

S.C.E.

800.655.4555

Gas Co.

800.427.2200

City of Orange714.637.3010 City of Orange714.288.2475

Verizon

800.483.5000

Placentia Comcast Cable714.542.6222

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Placentia Disposal714.238.3300 So. California Water800.999.4033

SBC

800.310.2355

Rancho Santa Magarita

Cox

949.240.1212

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Wate Mgmt.949.642.1191

Santa Margarita W.D.

949.459.6420

SBC

800.310.2355

San Clemente

Cox

949.240.1212

San Diego Electric800.411.7343

Gas Co.

800.427.2200

Solag Disposal949.728.0446

City of San Clemente

949.366.1553

SBC

800.310.2355

San Juan Capistrano

Cox

949.240.1212

San Diego Electric800.411.7343 San Diego Gas800.411.7343 Solag Disposal949.728.0446

City of S.J. Capistrano

949.493.1515

SBC

800.427.2200

Santa Ana

Adelphia

714.542.6222

S.C.E.

800.655.4555

Gas Co.

800.427.2200

OC Waste Mgmt.714.558.7761 City of Santa Ana714.647.5454

SBC

800.310.2355

Seal Beach

Comcast

562.493.5483

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Briggerman Disposal714.527.4221 City of Seal Beach562.431.2527

Verizon

800.483.4000

Stanton

Time Warner

714.903.4000

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Stanton Disposal714.826.9040 So. California Water800.999.4033

SBC

800.310.2355

Tustin AT&T Broadband888.255.5789

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Federal Disposal714.452.7701

City of Tustin

714.573.3075

SBC

800.310.2355

Villa Park

Adelphia

888.683.1000

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Villa Park Disposal714.238.3300

Serrano W.D.

714.538.0079

SBC

800.310.2355

Westminister

Time Warner

714.898.3800

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Midway Sanitary Dist.

714.893.3553

City of Westminister714.898.3311

Verizon

800.483.3000

Yorba Linda

Adelphia

714.777.1313

S.C.E.

800.655.4555

Gas Co.

800.427.2200

Yorba Linda Disp.714.238.3300 Yorba Linda W.D.714.777.3018

SBC

800.310.2355

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Joy Jar Toy Collection

A collection effort by the City of Mission Viejo to benefit children battling cancer has been extended to Friday, January 17.

Since November, the City has been collecting donated items for the NEGU JoyJars project. The project is meant to inspire the community to give back in honor of the special little girl who coined the phrase.

Jessie Rees was a 12-year-old girl who inspired the world to never, ever give up in her fight against inoperable brain tumors. Only three weeks after her diagnosis, Jessie created JoyJars to give children facing similar battles some joy while they underwent treatment. Each jar holds 15-20 new, age-appropriate toys for a kid with cancer. Jessie lost her battle to the disease in 2012, but her dream and legacy lives on.

To help pull in more donations to support the Jessie Rees Foundation and children all over battling cancer, the City of Mission Viejo is continuing to collect specific JoyJar items (listed here) in specially marked boxes at City Hall (200 Civic Center), the Norman P. Murray Community and Senior Center (24932 Veterans Way); Mission Viejo Library, (100 Civic Center); Montanoso Recreation Center (25800 Montanoso Drive) and the Marguerite Tennis Pavilion (27474 Casta Del Sol).

Residents, local groups, businesses and organizations are encouraged to take part in this effort to bring some joy to kids battling cancer.

For more information about JoyJars, visit http://youtu.be/Uix7GGHgBKc.

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Hummingbird Nest & Babies

We have nature all around us in Southern Orange County. Check out the Hummingbird nest with two babies outside our front door in Ladera Ranch. Looks like an Anna’s hummingbird.