When you applied for your mortgage you were ready to buy a home, you were excited, but now things have changed. You need to stop your mortgage application fast, but how? Do you call the lender, do you just not sign when things come down to closing, what can you do? It’s important that you do things a certain way, and there are a few steps you’re going to have to take to get this done. You’ll want to talk to your lender, you’ll need to send a letter via certified mail and you’ll also have to complete all the forms they send back to you or it won’t really be canceled. Let’s go into more detail.
Talk to Your Mortgage Lender Right Away
You’ll want to call the mortgage lender as soon as possible; the sooner you call them the better your outcome will be. You don’t want to wait until the last second, because by then it may already be too late. You could end up on the hook for a mortgage that you don’t even need; many portable mortgage lenders can be difficult when it comes time to cancel your application, so you may want to work with a mortgage broker to see if they can help smooth the process. That way you’ll be able to get the outcome you want.
Write a Letter to Your Lender
You’ll want to send a letter in writing explaining to your lender that you want to terminate your mortgage application. Explain why, explain that you want it stopped for sure and that you’re certain that this is exactly what you want to do.
Always Use Certified Mail
You’ll need to make sure that you use certified mail to send this letter. It’s not uncommon for a lender to “accidentally” lose a mortgage termination request – so always have a way to track it. If they have to sign for it that means they received it, which means if they don’t open it up or lose it it’s on them. You’ll want to make sure that you make a copy for your own records in the event that they dispute it.
Complete the Paperwork
Once your request has been received, you’ll receive some paperwork to fill out. Again make copies for your records, fill them out as completely as possible and send them back via certified mail. This way you’ll be able to prove that you returned the paperwork and they accepted it.
Your Mortgage is Cancelled
Once they’ve accepted your paperwork, your mortgage application has been cancelled. You can breathe easy, happy in the knowledge that you won’t have to deal with a portable mortgage that you don’t want. Again, it’s very important that you get this cancelled as soon as you know that you want to cancel; the longer that you wait the less likely you’ll be able to get a refund on your mortgage application fees or be able to cancel it at all.