You locked a good rate, and then life happened: a new credit card, a big balance, a late payment. That locked rate is not a free pass, Patriot Nation. It is tied to the credit profile you had the day you locked, and lenders check it again before closing.

Lenders re-pull your credit

The term: the re-pull. Most lenders run a soft credit inquiry shortly before closing to verify that your credit profile has not changed significantly.

The meaning: this is a standard part of the underwriting process. They are checking for new accounts, late payments, or increased debt.

The real-world consequence: if your credit looks the same or better, your locked rate and approval remain unchanged. If your credit has deteriorated, the lender may need to reassess your loan terms.

The impact of negative credit changes

The term: repricing. If your credit score drops significantly or you miss a payment, the lender may determine that you are a higher risk.

The money: this could result in a higher interest rate, increased mortgage insurance costs, or even loan denial in severe cases.

The real-world consequence: your locked rate is guaranteed based on the credit profile at the time of locking. If that profile changes, the rate is no longer supported, and the lender may offer a new rate based on your current credit.

How to stay stable

• Do not open new credit accounts before closing.
• Do not miss any payments on existing accounts.
• Do not carry large balances on credit cards.
• Do not co-sign for anyone else's loan.
• Contact your lender before making any major financial decisions.

The bottom line

The meaning: your rate lock is tied to your credit at the time of locking, so keep your finances stable and avoid new debt until after closing.

The real-world play: I lock with a clear picture of your file and coach you to keep credit quiet until closing. Protect your score during the process and you protect the rate you locked. Make it a great one.