I own two homes here in NC that I wanted to have refinanced. I went to Wells Fargo "where my primary home is already financed" and told them that I wanted to see if I qualify to have both homes refinanced and that I wasn't interested in having only one refinanced. After providing proof of income, credit check, and other documents I was to that I qualify pending appraisal value of the home and that I was locked in at 3%. The primary home appraised at 205k and 129k was owed, the rental appraised at 115k and 66k was owed. I did not want an equity loan, I just wanted to take advantage of the lower interest rates "primary home is at 5.75% and rental rate is 5.85%". The appraisal was payed by me at $400 each. Before I wrote the check the loan officer told me that this fee is not refundable unless something happens on the banks behalf. I once again told him that my desire is to have both homes refinanced. I received GFE's for both homes. Five months later after redoing the application because the date were over 90 days old and exposing all my finances "which showed over 80k in savings" I was told that I do not qualify to have the Wells Fargo mortgage reduced but I do qualify to have the rental's mortgage "which is currently with Chase" financed with Wells Fargo. I decided not to accept the loan because I wanted both home refinanced and I repeated that to the loan officer. After asking for my appraisal refund the loan officer is now saying that he can only refund the money for the home that was denied.
My question is, is it legal for a bank to both approve me for one loan and deny me for another simultaneously based on how it benefit them? Also, should I get back both appraisal refund since I told the officer that it was both or nothing and he agreed?
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