How to Terminate a Mortgage Application
- 1). Contact your mortgage broker or the loan originator and request to cancel the application. You can start the process quickly by phone, but it's smart to also send a written request either by mail or email.
- 2). Pay fees or request refunds, if applicable. You pay certain fees that when making a mortgage application, such as for a credit check or appraisal. You may have paid a fee to lock in rates before filling out the formal mortgage application. These fees may not be refundable. However, if you cancel the mortgage application within three days, you will get most of the fees back.
- 3). Save the confirmation letter you receive. A few days after you've canceled the application, you'll receive a letter from the lender stating that you requested to cancel the application. Keep this as a document that you canceled the application.
