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Can a lender change my interest rate after I've been pre-approved?

Asked by testme · Mar 13, 2026 · 451 views
I was pre-approved at 7.125% and now 3 weeks later the lender is quoting me 7.5% saying rates went up. I thought pre-approval locked in my rate. Is this normal? Did I do something wrong by not locking sooner? What's the difference between pre-approval and a rate lock?

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