Mortage Pre-approval ?’s

[Account Closed]

Hello!

Looking to get pre-approved for a conventional loan for my first property. Are there any specific questions to ask or anything I should look out for when speaking with the lender? Thanks!!

[Ujwal Velagapudi]

Pre-payment penalty? What sort of conditional checks do they require (environmental studies, their inspector, etc.)? How long does the process take (get a detailed picture of this as best as possible, even though they will say it varies)? Maybe now I'd also consider if they have any "pandemic" or other clauses in there in case you are unable to pay for some reason. What requirements to maintain the loan (insurance, annual P&L, taxes, etc.)?

Just some off the top of my head. Some are not so important.