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Frequently Asked
Straight answers.
The questions Terry hears most. If yours is not here, call or text and he will answer it directly.
Do I need 20% down to buy a home?
No. This is one of the most common misconceptions. Depending on the program and your eligibility, FHA, conventional and VA loans can all require far less than 20%, and VA loans can require no down payment at all for eligible veterans.
What is the difference between pre-qualified and pre-approved?
A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval verifies your credit, income, assets and debts. It is highly recommended that you get pre-approved before you start looking at homes: you will know your real price range, sellers will take your offer more seriously, and you can close faster.
What documents will I need?
Typically two years of W-2s and a recent month of pay stubs if you are salaried, or two years of tax returns and a year-to-date profit and loss statement if you are self-employed, plus two to three months of bank statements for each account. Rental agreements, a divorce decree, or residency documents may also apply. Terry confirms your exact list up front, once.
Why use one team for the loan and the home?
Because most problems in a purchase happen in the gap between the lender and the agent. When your financing and your real estate are coordinated under one roof, the offer, the appraisal, the loan conditions and the closing date are all managed together.
Can you help me sell my home and buy the next one?
Yes. The key is planning the purchase before you list, so you know what you can buy, how your equity will be used, and how the two closings line up.
Do you finance construction and renovation projects?
Yes. Construction loans are one of Terry’s specialties, including ground-up builds, major renovations and additions such as ADUs.
Should I refinance?
It depends on the break-even point: how long it takes for the monthly savings to cover the closing costs. Terry runs that math for you before recommending anything.
How do I verify your license?
Terry’s mortgage license (NMLS #219863) and Equity Smart Home Loans, Inc. (Company NMLS #856170) can be verified through NMLS Consumer Access. The company’s real estate license (CA DRE #01906808) can be verified through the California Department of Real Estate.
