20.Frequently Asked Questions
Common Homeowner Questions
How Much Do I Require For A Down Payment? Depending on your lender, down payments for first-time homebuyers can range from as low as 3 to 5%, while noting the average down payment across the board is 11%.
How Do I Apply To Get A Mortgage? Using Rocket Mortgage® (developed by Quicken Loans) is an easy way to qualify for your new mortgage. Just fill out some simple questions regarding yourself and your finances, and they’ll give you real numbers and interest rates in return, then you can ask questions and apply to get approved. Your application with Rocket Mortgage® is always free.
What Credit Score Range Is Required To Buy A Home? A traditional Federal Housing Administration (FHA) loan, typically for those who haven’t bought a home in 3 years or for first-time buyers, requires a credit score of around 580. Depending on your down payment, an FHA loan may approve you for a mortgage with a credit score in the 500 to 579 range.
How Long Does It Actually Take To Buy A Home? From the moment you start searching online to the closing escrow, the average home buying process takes approximately 10 to 12 weeks, with some home sales taking as long as six months, so exercising patience is key.
What’s Included When I Purchase A Home? American laws vary from state to state so don’t assume you’ll be getting those appliances. You’ll need to ask about specific items including window treatments, lighting fixtures, and appliances, just to avoid any nasty surprises.
Do I Need To Purchase Title Insurance? Buying title insurance from a reputable company ensures you’ll have peace of mind in knowing you’ll be covered from any form of financial loss due to covered claims, even if a future sale falls through due to a covered defect within your property’s title, or there’s a claim of land access, liens, fraud, or forgery.
How Much Insurance Coverage Is Needed For My Home? The value of both your personal property and your home’s physical structure will determine how much insurance you’ll need.
What Are The Most Common Homeowner Insurance Claims? Wind and hail, and water damage/freezing, Fire and lightning, followed by bodily injury/property damage.
I Want To Build My Own Home, How Do I Find A Reputable Builder? Choosing a great national builder will help ensure your building experience will meet, and in many cases exceed, your home building dreams. Research the builders available in the location you desire. Reach out to the community, friends and family to share their experience with their builder. Consider not only price, but the quality of their work, how well they stick to the schedule and the level of support they provide.
How Do I Keep Track Of What Maintenance I Need To Perform On My Home And When? By using the DomiDocs platform, you’ll be notified when there’s a scheduled maintenance recommendation. The win here? By keeping your home in the best condition possible, you’ll be reducing your insurance risks and costs.
How Can I Organize My Homeowner Documents, There’s So Much Paper! Storing your official documents and paperwork in the DomiDocs cloud ensures all of your documents will be safely kept in one place while being accessible whenever you need them. The SAFE documents feature is completely sharable so you can quickly send information to whomever you choose.
How Do I File An Insurance Claim? The first thing to do is to contact your insurance agent. They will walk you through the process, but one of the first things they will ask for is documentation of what was damaged/stolen. DomiDocs has developed a specific feature called document bundles on its platform to store homeowner documents, such as your homeowner’s insurance policy, floorplan, improvements made, contents of the home, valuables, receipts, photos and more. Everything you will need to file an insurance claim is securely stored online, thoroughly documented and packaged together to send to your Agent.
Why Should I Use DomiDocs? It’s all about empowering you as a homeowner to feel secure and confident via the DomiDocs user-friendly online platform. You’ll have the ability to oversee all of your important household documents digitally, while utilizing tools needed to effectively manage your property via modern digital enablement technology.