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Irvine Real Estate / Re: 3rd Park in the Great Park
« Last post by Bloor on Today at 08:38:39 PM »
Does anyone have an updated design map of the water & wellness park?  I drove past the area today and noticed they were planting large trees.  Good to see they have started construction!
Recently I got a lower rate with my lender something like a loan modification. I am current and never missed a payment. Also, I never asked my lender to lower my rate. (I guess too bad for the refi company I was going to go with)

Thats always a great thing to save some mula. Did it cost you any? Is it a simple rate reduction and the term stay the same?
Recently I got a lower rate with my lender something like a loan modification. I am current and never missed a payment. Also, I never asked my lender to lower my rate. (I guess too bad for the refi company I was going to go with)
Highly recommend SoyLent. He has alot of knowledge in this area.
Meccos12 - Some suggestions:

1) How do you know the rate your quoted/seeing is a deliverable rate? The only way to know is to have a very current credit report - not your scores, a full report - as that will drive what you can or cannot get from a lender. Scores help, but are they scores focused on auto loans, or credit card offers? Have a mortgage lender run your credit, as any rate or fees your quoted based only on your score is a crap shoot.

2) When are you closing on your purchase? If it's not within 60 days, looking at rates at this stage is a rabbit hole you don't want to fall into. Watch Mortgage News Daily and Freddie Mac's Weekly Rate survey to get a general idea where rates and terms are headed.

3) When are you closing on your refinance? If you have a 3.00 target rate in a 3.50 market, watch loan rate trends once a week, or set yourself up for a rate reminder at a bank. They will ping you when the terms come into view, reducing the check, recheck... check again...and check before bedtime some refinancer's are prone to do.

4) Ignore web rates. Web rates are as vanilla and generic as you can get to appeal to the widest possible audience. In some cases, you'll get that rate. In most cases, you won't OR when you speak to a lender, they will have a better deal available.

5) Ignore APR's. Annual Percentage Rates are easily manipulated numbers and are for the most part meaningless when you finally get an actual financing offer. Compare Loan Estimates for lender fees (Purchase) or all fees (Refinance) to get a concrete idea what you're going to spend.

6) Ask 1-2 Mortgage Banker and a 1-2 Traditional Bank/Credit Union for their loan terms on the same day. Why so few? The vast majority of Mortgage Bankers use either Chase or Wells Fargo to fund their loans so Banker A might be WF and Banker B could be Chase. Banks/Credit Unions may have promotional offers to help reduce your rate, but all in all each bank/credit union's programs are about the same - Bring $$$ to us, and we'll reduce your fee or your rate. There's little sense of expanding the signal to noise ratio you'll get when asking 5-4 Mortgage Bankers and 6-7 Banks what their best deal is. The time spent chasing this with so many companies won't yield a great ROI.

7) Focus on what's important - if it's a purchase, do you chase the low rate and not close as expected? If you find the Lowest Possible Rate Provider - Bank of Unicorn Lending, Mercy Alabama, will that unknown lender blow your offer out of the water? The seller has no idea if that lender can or will perform so they might take another offer with a Union Bank lender because they can see the bankers office on their drive to work.

Please know that this is just a surface level perspective as to what you may need to look for during the financing of your property. Good luck with your search.

My .02c

Soylent Green Is People

I don't have any input to provide, just curious where their design center is?

They really should have a list of standard and upgrades.  I remember the other models had such sheets.

Near UCI (5171 California Ave, Irvine, CA 92617)
Irvine Real Estate / Re: Legado vs trellis court
« Last post by IrvineNinja on Today at 07:50:03 PM »
I liked both Trellis and Legado:

Amenities:  I liked the Trellis' close proximity to WTC and future GP shopping.  Legado is slated to have a shopping across the street but that is a future project (probably next year when they start the new GP neighborhood there).
Floorplan:  I liked both floorplans.  I liked Trellis for the high ceilings and I liked Legado for the full driveway and more rooms.
Schools:  I liked Legado because the elementary school and high school are walkable.  I like Trellis because the elementary school and middle school is pretty close (can ride their bikes).

I would probably pick based on specific lots available.
Sadly, TI is not powerful enough for you to rant on here and get results.  Social media helps with quality complaints, but the social media has to reach a critical mass first. 

Does TI still lack the popularity to get builders to react?

This is the 2nd complaint abour RA? after oceanmonkeys ellwood mold problem.
Irvine Real Estate / Re: Legado vs trellis court
« Last post by SoclosetoIrvine on Today at 07:27:15 PM »
If it were my decision, I think I would lean towards Trellis court

I like the houses in Legado more (more space in between, organized court yard) feels almost like single family residence but I like the location of Trellis court more

It's no joke when I say this, but with the morning traffic on sand canyon/Jeffrey, it might take you 10 mins to drive from Legado to Trellis court...proximity from the 5 is key for me.  If you've seen my post history, I bought my first in Caserta in Cypress village for that exact reason: location.  Lots of demand for renting and eventually for selling because of that. High MR was the reason I sold it, as it was impossible to profit as an investment property.  If Trellis court were available at the same time, I would've picked there for the lower MR by itself. 

Even though Trellis court looks a lot like the cramped Woodbury courtyard from the outside, inside the home there's no feeling of being cramped at all probably due to the high celings.  Can't lose with either one though, good luck!
Irvine Real Estate / Re: Legado vs trellis court
« Last post by id_rather_be_racing on Today at 07:15:49 PM »
I was in a similar situation as you, but we ended up buying at Trellis Court (Phase 1).  Key differences are that we have no kids (yet).

Here are some of the reasons why we chose TC over many similar detached SFR communities:

-Location. Location. Location.  Central to both my wife's and my office.  Right next to the Great Park, 10 minute drive to Spectrum, easy access to 5, 405, and 133.  Proposed Base Camp retail center will be a walk down the block.
-Low Mello Roos.  Currently capped @ $1700 annually.  If there's any community out there with less MR, please enlighten me.
-Builder Reputation and Floorplans.  Many here have praised the efficient floorplans, and I concur.  Same goes for the builder.  Sales team have been great to work with.
-Resaleability/Rentability. As this is our first home, resaleability/rentability was absolutely important to us. With low MR and being in a prime location, it won't be difficult to be cash flow positive if we decide to rent.  We bought in Phase 1 in order to maximize future potential resale value if we decide to sell. 

One thing about Legado that you mentioned: If prices have not gone up each phase, maybe it's a sign that demand is waning.  Can't remember who said it, but pricing trends during phase releases could be seen as an indication of resale values in the future.  Portola High is the wild card here.  But then again, Cypress Village East could be rezoned to Portola High.

There were a few wants we sacrificed when purchasing here though.  No driveway, no 3CWG (heck i'll even take tandem), no loft, no real yard.  However, this is our first home, so our next home will probably have all of our wants.  We have no kids yet, so this is more than enough space for us.

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