TIL my pre-approval letter was basically worthless because I didn't lock the rate

I got pre-approved back in March by a big online lender and thought I was golden. Found a house I liked in Austin two weeks ago, and when I called to get the official rate, it had jumped almost a full point from what the letter said. The loan officer told me pre-approval rates are more like a suggestion unless you pay to lock them in. Has anyone else gotten blindsided by rising rates between pre-approval and making an offer?

2 comments

2 Comments

cooper.taylor5d ago

Dude same, I learned this the hard way too. Changed my whole view on it.

stone.troy5d ago

Ngl, I gotta disagree - sometimes you gotta learn the lesson yourself to really get it.