Q&A: If I apply for a mortgage, can I back out of the application before closing?

Question by Patricia: If I apply for a mortgage, can I back out of the application before closing?
I recently signed on with a refinance company to process the refinancing of my mortgage. The same day I signed the application I found out they approached my current mortgage co. to get a payoff amount. They requested the payoff five days BEFORE I agreed to use them for my refinancing and without my approval. Can I cancel this application?

Best answer:

Answer by Tammy Vivat
YES

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3 Responses to Q&A: If I apply for a mortgage, can I back out of the application before closing?

  1. Mike M says:

    You can cancel for any reason, any time up to 3 days after the signing of a refinance and up til the day on a purchase.

  2. jannie says:

    you sure can
    just call them and say no thank you

  3. the wise one says:

    In most cases there will be a fee attached to backing out. Check with the bank policies.

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