Hi!
I'm in the mids of purchasing a house. A lawyer has been engaged (s&p draft still in progress)
and a housing loan already applied.

Due to some conflict with the owner of the house, I changed my mind and went ahead to book/purchase
different house. I don't want to deal with this **$^ owner anymore. The story of the conflict is
not the main focus of this thread. (Please don't ask about this.. tq)

FYI, I applied loan and engaged a lawyer at the same time. So, no S&P signing yet, but loan already
in progress.

Now, the question is, since my loan is still in progress, and I'm still waiting for their approval letter,
and at the same time, I'm canceling the purchase and buying another house with the same price,
and similar loan amount, should I

1-Inform the bank to cancel my loan processing
2-Don't inform the bank. Be quiet. Let the bank process my loan until I received the approval letter. Then,
ignore the approval letter, and then tell the bank I want to make a new loan.


I prefer choice no 2 because I can know whether I'm eligible for that kind of loan amount or not. But,
I don't know if it will cause problem or not.

By the way, I want to use the same bank because it's the panel bank of my company. I got some
benefits for using company's selected bank..

Can you guys give me an opinion?

Tq.

This post has been edited by zeese: May 28 2009, 06:01 PM