Lodging another loan at the same time

So I applied for a loan with a lender, but they keep coming up for more requirements and it's just looking messy in terms of what they're after. I found another lender whose willing to provide what we need and have given me the go ahead. My broker is also being super slow and unresponsive with the current loan application.

I was wondering, can I apply for the same type of loan with another lender?
Are there any implications of doing this, the initial application has been conditionally approved but the conditions are looking complicated, at this point I'm super frustrated and just want to try the other lender.

Thoughts?

 

You can do it, especially if it looks like you can't meet the conditions.

Usually a good idea to talk to your broker (or another about it) if you plan on going down that route. If your going solo or to another broker, let them know upfront whats going on so that they can explain it. Also good idea to mention the conditions that can't be met & provide full disclosure, will definitely help whoever your working with work out a solution rather than be blindsided.

 

Sounds good. Will the original lender be notified of the second application if its lodged? Also what if both lenders reach unconditional approval - then what happens?

 

Just select one of lenders you prefer. No hurt!!

 

Probably not.

The first lender would have already looked at your credit file.

The second lender will want confirmation that the first application isn't proceeding.

Cheers

Jamie

 

Give the broker a call to discuss as sometimes other methods of communication fall through he gaps.

Often it is the lenders turn around times that make the broker look "slow" so he/she may be able to escalate the file to meet conditions, plus its courteous as a lot of work is involved in an application contrary to popular opinion.

 

Good advice. It can be a very frustrating game for not only the client, but the broker in having to wait for the banks to get back to us, so it wouldn't surprise me if this is a lot to do with the communication side.

Re; the OP's scenario - definitely touch base with the broker, see whether there is likely to be issues with the bank actually approving the loan and go from there. If they think its worth looking at any alternative option then they can help you go down that path. You may very well find an alternative lender may come up with just as many or more questions - they all need to do their due diligence before handing over hundreds of thousands of dollars to effectively strangers.

 

Thanks Colin, it would help if the broker actually responding to my calls/emails

 

If that is the case then do what you need to do to get the job done!