The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Think4Yourself who wrote (86894)	8/24/2007 10:40:35 AM
From: GraceZ	Read Replies (1) of 306849

This is how I understand it to be as well. A pre-approval isn't a rate lock. If terms change, the pre-approval means nothing except that you would have been approved on the old terms. To get a real lock, you have to have a contract and make an actual application for credit. Edit: Plus there is any number of ways out of a lock for the lender. This happened to buyers in droves back at the last peak when rates went from 8 to 10 in about a month.

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