Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
Re: The mortgage pre-approval process

All 3 of those are excellent questions, and are entirely appropriate to ask a loan officer.

 

#1 usually requires a review of your situation, so it's good you'd be prepared with it.  

#2 also requires figures to be known, such as sales price, down payment, where you are buying etc.  Some of those numbers may not be known off the top of someone's head, so an estimate may be given instead.

#3 should be common policy that the loan officer should know.  Most loans that are made these days do not have any sort of prepay penalty.