Homebuyers Handbook

Congratulations on your new home and thank you for choosing

EASYstreet Realty! We are committed to providing you with the individualized

care and the personal attention you deserve. It is our mission at EASYstreet to

create a positive experience for you throughout the home buying process. You

have already made some important decisions about your new home with your

EASYstreet Realtor. This booklet will provide some helpful tips and information

to guide you through the rest of your home buying experience.

Throughout this process you will be receiving additional information, discounts,

and feedback requests from the Client Care Department. We will even keep in

touch with you after your closing with other helpful reminders and tips to en-

sure you enjoy your home for years to come!

TABLE OF CONTENTS _____________________________

Client Care Resources 2

Client Discount Package 2

Pre-Approval & Final Approval 3

Mortgage Application Checklist 4

Financing Terminology 5 Your Homeowner’s Insurance 6

Builder Meetings & Walk-Thrus 7

Home Inspection Companies 8

Closing on Your Home 9

Utility Companies & Contacts 10 Post Close Tasks 13

Auditor Location by County 14

Questions? Comments? Concerns? Call Client Care (317) 205-4320 x12

CLIENT CARE RESOURCES

Your EASYstreet Realty Client Care Department will be providing you with helpful information and reminders about the home buying process. You can

expect to receive information on the following topics:

Mortgage Financing & Pre-Approval

Getting Your Final Approval

Homeowner Savings Book

Homeowner’s Insurance

Closing on your New Home

County Contact & Utility Information

Client Satisfaction Survey

Filing Your Exemptions

Home Maintenance Tips

Post Close Reminders

CLIENT DISCOUNT PACKAGE

In keeping with our mission “to create an atmosphere and experience which turns our team, clients, and associates into Raving Fans,” we are continuously partnering with local businesses to give you more ways to save once you close

on your new home. Our discount package currently includes offers from the following companies:

A1 Concrete & Leveling Monson Concrete Construction All 4 Seasons Landscaping King of Green Lawn Care Bob Block Fitness Koorsen Fire & Security Dixon’s Professional Home Services Kurt Geiger Decorating Fairway Mortgage Legacy Poker Tables Fast Track Flight Pet Stop Pet Fence Systems Good Nature Inc Outdoor Services Petry’s Place Hardwood Floors & More Ratcliff Repair & Remodel HH Gregg Shelter Insurance Companies Indy Movers The Pampered Chef Ink Inventions Custom Shirts & More West Point Financial Group

Homebuyer Handbook Courtesy of EASYstreet Realty, Inc (317) 205-4320

PRE-APPROVAL

After completing your purchase agreement, the next step towards home owner-ship is securing the best possible financing. As you prepare for your loan appli-cation there are some important documents you will need to take with you. There is a mortgage checklist on the next page. This lists most items that the mortgage company may require of you. It is a good idea to check with your loan officer prior to your appointment to see if you should add any additional documents to the checklist. It is critical that you attend your mortgage appoint-ment even if you are not able to provide every item listed. Remember, regard-less of the documents you do and do not have, you must attend your mortgage appointment.

FINAL APPROVAL

After you have received your pre-approval letter, you want to be sure you keep in touch

with your mortgage company regarding your financial and employment status. If you

have any changes in your employment, have any negative financial activity, or plan on

opening any new accounts, call your mortgage broker immediately to discuss the impact

it may have on your final approval.

It is extremely important to keep your credit in good standing throughout the process.

To avoid lowering your credit score and risking your final approval, don’t apply for any

new credit, pay all of your bills on time, and maintain your good accounts to show

lengthy positive credit history.


MORTGAGE APPLICATION CHECKLIST

The following items may be required to complete your loan application. Please contact your lender to see if there are any additional documents they will need you to bring.

__ Residence addresses for past 2 years __ Landlord name & phone numbers for past 2 years __ Pay stubs for past 30 days __ W-2 forms and tax returns for past 2 years __ Employer names, addresses, and dates of employment for past 2 yrs. __ All open bank accounts – bank name, acct numbers, balances, and last 2

months statements __ All open credit accounts – name, acct numbers, balances, minimum monthly

payment. (Unless mortgage co. has a copy of your credit report) __ Addresses of all real estate owned. Acct numbers, balances, and monthly

payments. __ Copy of purchase agreement with addendums __ If eligible for VA loan, bring Certificate of Eligibility __ Bankruptcy, Divorce, or Child Support documents (if applicable) __ Drivers License Remember! The sooner you get your documents to your lender, the sooner they can issue your pre-approval letter. Check with your Realtor to see if there is a deadline for turning your pre approval letter in to the sellers.


FINANCING TERMS

Adjustible Rate Mortgage – A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Amortization – Loan payment divided into equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance. Annual Percentage Rate – The measurement of the full cost of a loan including inter-est and loan fees expressed as a yearly percentage rate. Closing Costs and Prepaids – Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the type of loan and lender used. Escrow – An account held by the lender into which the home buyer pays money for property taxes, homeowner’s insurance, or mortgage insurance payments. FHA Loan – The Federal Housing Administration insures mortgages, allowing buyers to obtain financing with as little as 3% down & level payments at slightly below conventional rates for the 25-30 year loan term. HUD-1 Statement – A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commis-sions, loan fees, points and initial escrow amounts. Mortgage – An instrument that sets up the conditions of payment for a piece of property already transferred to the buyer. Note – A written promise to repay the money borrowed plus interest in a specified pe-riod of time. The note is secured by the mortgage. Origination Fee – A fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property. Usually computed as a percent-age of the face value of the loan. Prepayment Penalties – Fees charged to a borrower who pays off his or her loan bal-ance before it is due. Private Mortgage Insurance – On conventional financing, including adjustable rate financing, lenders require that the borrower purchase private mortgage insurance against default on loans with down payments less than 20%. The private mortgage premium is added onto the monthly payment, and a portion is collected at closing. Rate Lock – A commitment issued by a lender to a borrower or another mortgage origi-nator guaranteeing a specified interest rate and lender costs for a specified period of time. Underwriting – The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors and the matching of this risk to an ap-


HOMEOWNER’S INSURANCE BASICS

Your home is where you live and where your possessions are. Chances are, it’s your greatest asset, and you need to protect it. When you buy a home, you need to provide your lender with proof of insurance for the prop-erty. Insurance provides a safety net for you and your family when certain unfor-tunate events such as theft, fire, burglary, and vandalism occur. You will need to have liability and guest medical protection too, in case someone incurs an injury on your property. You can also add special coverage options to protect items such as jewelry, silverware, business property, electronics, etc. With most insurance companies, you have the option to insure your home at replacement cost or loan payoff. Replacement cost coverage will be slightly higher than loan payoff, as the pay-out in case of loss will be enough to cover re-construction of the home at a higher cost (since the cost of homes is always go-ing up). Loan payoff coverage will do just that – it will pay off the remaining in-debtedness on the property and essentially allow you to move on. Our advice: Compare the rates of a few different companies. When shop-ping for your homeowner’s insurance, be sure to get a total package quote includ-ing your auto coverage. One homeowner’s rate may be higher than another, but when the cost of insuring your vehicle and multiple policy discounts are consid-ered, you may wind up saving money. Also ask the agents about deductible op-tions, home security discounts, and good credit discounts.

Need a quote? Contact these agents to get a quote today!

Shelter Insurance: Mike Harvey (317) 837-0430 *Ask about Shelter’s new home discount. They offer up to 40% discount on

annual premiums for recently constructed homes!

Indiana Farm Bureau Insurance: Justin Zipperian (317) 654-2126

Liberty Mutual Insurance: Aaron Hill (317) 587-1481 x55284

State Farm Insurance: Wanda Bell Brown (317) 273-9300


WHAT TO EXPECT Builder Meetings and WalkBuilder Meetings and WalkBuilder Meetings and WalkBuilder Meetings and Walk----ThrusThrusThrusThrus

---------------------------------------------------------------

PrePrePrePre----ConstructionConstructionConstructionConstruction

At this meeting, you will meet with your construction liaison to review the blueprints

and discuss the stages of construction. They should review your design options to en-

sure the building plans account for all of your personal selections. You should get the

chance to view the plot map and see where your home will sit on the lot. Ask your

builder about their rules for visiting the property during construction, and how they

would like to receive notice of any incorrect items you may catch throughout the con-

struction process.

PrePrePrePre----DrywallDrywallDrywallDrywall Once the exterior house is framed, and the “guts” of the home including the electrical

wiring, plumbing, HVAC ducts, and interior framing have all been installed, you will

have the opportunity to walk thru the home. At this meeting, you should be sure any

structural changes to the property were made, and all wiring appears to be in the cor-

rect spot. It is much easier to change wiring and plumbing now than it is after the dry-

wall has been installed. Check to make sure any additional phone and cable outlets

are where you have specified them to be.

Pre ClosingPre ClosingPre ClosingPre Closing

When the construction of your home is complete and you are just about ready to

close, you will have a final walk thru with your builder. At this meeting, a representa-

tive of your builder will discuss all of the major components of the home, show you

how to operate all appliances, and discuss any safety features (GFCI outlets, water

shut off, electric panel, etc.) Be sure the builder has provided all warranty informa-

tion and user guides for the appliances in the home. Now is not the time to be shy!

Be sure you point out any mistakes including defective fixtures, wall smudges, dry-

wall repairs, and missing parts so they can be fixed prior to your closing.


Do you need an independent inspection?Do you need an independent inspection?Do you need an independent inspection?Do you need an independent inspection?

You certainly have the right to obtain an independent home inspection prior to

closing on your new home. Any independent inspections will be at your cost and

will be your responsibility to schedule, if you so choose. If you do decide to have

an independent home inspector take a look at your new home prior to closing,

check with your builder well in advance to make the arrangements.

The cost of a new home inspection will vary according to the company and scope

of inspection desired. There are many inspection companies in the Central Indiana

area. We encourage you to seek referrals or recommendations from friends and

family and to investigate the company prior to contracting them. We have compiled

a small list of the companies our buyers have used in the past.

A-Association Home Inspection (317) 547-4865

Brick Kicker Home Inspections (317) 356-5555

Clearview Home Inspecions (317) 578-0890

Cornerstone Inspection Services (317) 845-9497

Hoosier Home Inspections (317) 826-1000

Larry O’Brien (317) 538-8953

Q Spec (317) 842-0376

Security Home Inspections (317) 848-1744

Surette Inspect (317) 844-5334

US Inspect (888) 874-6773

EASYstreet Realty makes no representation, recommendation, or endorsement as to the quality, reputa-

tion, or integrity of any of the above listed inspection companies.


Title Insurance

Recording Fee

Survey

Appraisal

Credit Report

Homeowner’s Insurance

Mortgage Insurance

Pre-Paid Real Estate Taxes

Pre-Paid Interest

Title Insurance Enforcement Fund Fee (TIEFF)

CLOSING ON YOUR NEW HOME

What To Bring: __ Valid government issued photo ID (Driver’s License) __ 2

nd piece of ID (passport, social security card, military ID)

__ Copy of paid receipt for 1 year’s homeowner’s insurance and policy coverage or declarations. __ Funds required to close in certified check or money order (Check with your lender prior to closing to get your final figures) Closing Costs: When you buy a home, all funds payable at closing will be listed on the HUD-1 or settlement statement. You should check with your loan officer to find out what the actual closing costs will be for your new home and how much money you will need to bring to closing. Some of the fees listed on the settlement statement will include:

Some of the items listed above, such as the appraisal, homeowner’s insurance, and credit report, may be paid to the lender prior to closing.


BOONE COUNTY

ELECTRIC Duke Energy (800) 343-3525

Boone REMC (800) 897-REMC

Lebanon Utilities (765) 482-5100

GAS Vectren Energy (800) 227-1376

CABLE Brighthouse Networks (317) 972-9700

Comcast Cablevision (800) COMCAST

Insight Cable (866) 668-6059

PHONE AT&T (800) 288-2020

WATER/SEWER Lebanon Utilities (765) 482-5100

Zionsville Wastewater Dept. (317) 873-2469

HAMILTON COUNTY

ELECTRIC American Electric Power (800) 311-4634

Duke Energy (800) 343-3525


CABLE Brighthouse Networks (317) 972-9700

Comcast Cablevision (800) COMCAST

Insight Cable (866) 668-6059

PHONE AT&T (800) 288-2020

WATER/SEWER Carmel Water Department (317) 571-2442

Fishers Public Works (317) 595-3160

Fishers Sewer (317) 595-3142

Hamilton Western Water (317) 848-6882

Indiana American Water (317) 773-2681

Noblesville Wastewater (317) 776-6353

HANCOCK COUNTY


Greenfield Power & Light (317) 462-8522

Indianapolis Power & Light (317) 261-8222

GAS Citizens Gas (317) 924-3311

Vectren Energy (800) 227-1376

PHONE AT&T (800) 288-2020

Team Hancock (866) 326-9848

Embarq Communications (800) 877-7746

Verizon (800) 483-4600

WATER/SEWER Indianapolis Water Company (317) 631-1431

Greenfield Water Dept. (317) 462-8545

Greenfield Wastewater (317) 462-8530

Fortville Water Department (317) 484-4044

Fortville Wastewater (317) 485-5432

UTILITY COMPANY GUIDE


HENDRICKS COUNTY

ELECTRIC Duke Energy (800) 343-3525 Hendricks Power Coop (317) 745-3236 Indianapolis Power & Light (317) 261-8222 GAS Vectren Energy (800) 227-1376 CABLE Brighthouse Networks (317) 972-9700 Comcast Cablevision (800) COMCAST PHONE AT&T (800) 288-2020 WATER/SEWER Indianapolis Water Co. (317) 631-1431 Brownsburg Water (317) 852-1102 Plainfield Water & Sewer (317) 839-2561 West Central Cons. District. (317) 272-2980

JOHNSON COUNTY

ELECTRIC Duke Energy (800) 343-3525 Johnson Co. REMC (317) 736-6174 So. Central Indiana REMC (800) 264-7362 GAS Vectren Energy (800) 227-1376 CABLE Comcast Cablevision (800) COMCAST Insight Cable (866) 668-6059 PHONE AT&T (800) 288-2020 Embarq Communications (800) 877-7746 WATER/SEWER Indianapolis Water Co. (317) 631-1431

Indiana American Water (800) 492-8373 Greenwood Sanitation (317) 887-5232

MADISON COUNTY

ELECTRIC Anderson City Utilities (765) 648-6187 American Elec. Power (800) 311-4634 Henry Co. REMC (800) 248-8413 GAS Vectren Energy (800) 227-1376 CABLE Insight Cable (866) 668-6059 PHONE AT&T (800) 288-2020 Embarq Comm. (800) 877-7746 WATER/SEWER Anderson City Utilities (765) 648-6187

MARION COUNTY

ELECTRIC Indianapolis Power & Light (317) 261-8222 GAS Citizens Gas (317) 924-3311 CABLE Comcast Cablevision (317) 872-2225 Insight Cable (866) 668-6059 PHONE AT&T (800) 288-2020 WATER/SEWER Indianapolis Water Co. (317) 631-1431

Lawrence Utilities (317) 542-0511

Beech Grove Sanitation (317) 788-4980


MORGAN COUNTY


Johnson Co. REMC (317) 736-6174

So. Central Indiana REMC (800) 264-7362

Indianapolis Power & Light (317) 261-8222


CABLE Comcast Cablevision (317) 872-2225

PHONE AT&T (800) 288-2020

WATER/SEWER Rural Water Corp. (765) 342-7372

Martinsville Utilities (765) 342-2449

SHELBY COUNTY


Johnson Co. REMC (317) 736-6174

Rush/Shelby Energy (317) 398-6621


Fountaintown Gas Co. (800) 379-1800

CABLE Comcast Cablevision (800) COMCAST

PHONE AT&T (800) 288-2020 Embarq Communications (800) 877-7746

TDS Telcom (888) CALL TDS

Verizon (800) 483-4600

WATER/SEWER Morristown Water Co. (765) 763-7112

Indiana American Water (317) 773-2681

St. Paul Water Co. (765) 525-6343

TIPPECANOE COUNTY



CABLE Insight Cable (866) 668-6059

PHONE AT&T (800) 288-2020

Verizon (800) 483-4600

WATER/SEWER Lafayette Water Co. (765) 476-4488

Lafayette Utility Billing (765) 807-1100

American Water Co. (800) 492-8373

W. Lafayette Wastewater (765) 775-5140


POST CLOSE TASKS

File Your Exemptions! As a homeowner, you are generally entitled to have a Homestead Credit and Mortgage Exemption applied to your property tax bill. You will be responsible for filing these exemptions yourself. You must wait until the deed has been recorded and you are listed as the property owner to file. Generally this will be complete by the time you make your first payment. At that time, you will need to take your closing package or settlement statement to the auditor’s office in your county to file these exemptions. The addresses and phone numbers are listed on the next page. **A reminder letter will be mailed to your new property address around the time of your first payment. Change Your Address! Of course you will notify your friends and family of your address change, but don’t forget about your employer, financial institutions, and account providers. Go to http://moversguide.usps.com to change your address with the post office. Mail will stop going to your old address on the effective date specified, and will begin arriving at your new address 7-10 delivery days later. You are required by law to change your address with the Bureau of Motor Vehicles (BMV), Internal Revenue Service (IRS), and the Indiana Depart-ment of Revenue within 90 days of moving. You must visit your local BMV branch to change your address on your driver’s license or state ID. Visit http://www.in.gov/bmv/branches/ to find the nearest branch. Go to http://www.irs.gov/taxtopics/tc157.html for information on how to change your address with the IRS. You can change your address with the Indiana Department of Revenue online at http://www.in.gov/dor/individual/address-change.html Register To Vote! You may be moving to a new voting district, so it is important to register to vote with your new address. You can register to vote at the BMV or at http://www.declareyourself.com


AUDITOR LOCATIONS


Boone County Auditor

116 W. Washington Street Suite 101

Lebanon, IN 46052

(765) 482-2940

Hamilton County Auditor

Historic Courthouse in Noblesville

1st Floor

(317) 776-9602

Hancock County Auditor

9 E. Main Street

Greenfield, IN 46140

(317) 477-1105

Hendricks County Auditor

Government Center

355 South Washington Street

Danville, Indiana 46122

(317) 745-9207

.

Johnson County Auditor

Courthouse Annex Building - 1st floor

86 W. Court Street, Franklin IN 46131

(317) 736-3745

Madison County Auditor

Madison County Government Center

16 East 9th Street

Anderson, IN 46016

(765) 641-9419

Marion County Auditor

City-County Building – Suite 1360

200 E. Washington Street

Indianapolis, IN 46204

(317) 327-4698

Morgan County Auditor Morgan Co. Administration Building

180 South Main Street – Suite 104

Martinsville, IN 46151

(765) 342-1001

Shelby County Auditor Courthouse Annex

25 West Polk Street – Room 104

Shelbyville, IN 46176

(317) 392-6310

.

Tippecanoe County Auditor Tippecanoe County Office – 2nd Floor

20 North 3rd Street Lafayette, IN 47901

(765) 423-9207

Questions? Comments? Concerns?

Contact the Client Care Department

(317) 205-4320

[email protected]

Do you know of someone that may be interested in buying

or selling a home?

We would love the opportunity to help make home-ownership a reality for your friends and family.

Just give your EASYstreet agent a call.

A referral is the best compliment your agent could ever receive!

Homebuyers Handbook

Documents

Transcript of Homebuyers Handbook