what happens to a pre-approval if interest rates change before you buy

Good question, this can catch first home buyers out. Your pre-approval amount doesn’t automatically change just because rates move. It’s usually locked in for the approval period (typically around 2–3 months). When that period ends, you can normally renew it once (as long as your situation hasn’t changed — e.g. income, job, debts etc). After that second period, you’d need to go through a new application. Where rates...