I am under contract for an SFH. The lender I got the preapproval from seems to be playing tricks. Initially, he said he can beat any competitive offer I can get. I got 2 competitive offers from US bank at 2.25% for a 10/1 ARM. Now he says, I need to lock in a rate at 2.625% and then he will request a rate reduction with his manager. He says he's 100% confident in the rate reduction.
I asked him why doesn't he get the rate reduction approved first and then lock-in the rate. But he's hiding behind "This is the standard procedure at Wells Fargo" trope.
Should I trust this lender? We are already running late on closing.
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I'd say go with multiple banks, there's no loss.