Mortgage brokers- question for you

[Fivewayradio]

I had a mortgage broker pre-qualify me for a mortgage in april. I bought a house later that month assuming it was at the interest rate the broker told me. I didn't take possession until 3 months later and then there were some delays with lawyers and land titles and stuff. Today the lender says I can't have the original rate, and want to charge me half a percent more.

So my question is, can they do that? I'd imagine they can since they're the ones lending the money.
But if so, what's the point of going through a broker if the quoted rate is totally meaningless anyway?

[Tik-Tok]

Usually pre-qualifyer's have a set time in which you can claim it by. Did you look over your papers for that date?

[Fivewayradio]

Yeah, the rate was good for 3 months. We bought the house about a month after we were given the rate, so we should still have had plenty of time. Unless the rate's only good if you close within 3 months. We didn't close in that time because we didn't get possession until 3 months after our offer was accepted.

[Lee_8]

I think the possession date is what matters in this situation. My broker told me that I would have to have possession of my new place by a certain date in order to keep the rate that he quoted me at. I don't know if there are different circumstances with alternate brokers but that is what I was told by my broker.

[benyl]

a 3 month rate hold is pretty shitty. go to a bank, they give 2 year rate holds if you ask nicely.

[syeve]

I got six months without being nice