"I was told that I could get a 2.75% mortgage from this lender"
You can get this rate from any lender. That is if you pay enough discount points and origination fees. (That is in the fine print)
I get letters in the mail from lenders offering the low rates. People outside of the business may not know what these offers entail. The question is: what will it benefit you to pay all this money up front to buy down your rate on a 30 yr fixed mortgage? Let's say that you would have to keep that mortgage for 10 years to get back your initial cash outlay from your lower rate. If you move or refinance in 5 years, you have thrown your money away.
There is no free lunch! Everybody's interest rates are basically the same. The difference is the fees they charge the consumer , which can vary widely. That is what the consumer should be asking of his lender.
Also, in today's world: what are the chances of closing on time? A lot of this has to do with, do they have in house underwriting, or do they have to send it to some far flung place, along with thousands of other files. Underwriting can take a couple of days or a couple of weeks, depending on the lender's underwriting set up.
The important thing is for the consumer to ask the lender the right questions when mortgage shopping .