A “Sample Letter To Cancel Mortgage Loan Application” is simply a letter. It tells a lender you’re withdrawing your mortgage application. People write these letters for various reasons. Maybe you found a better rate elsewhere. Perhaps you decided not to buy the property after all.
Need to write this letter? We’ve got you covered. This article provides ready-to-use templates. We aim to simplify the process for you.
Consider these samples your starting point. Tailor them to your specific needs. Let’s make canceling your mortgage application easy!
Sample Letter To Cancel Mortgage Loan Application
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Lender’s Name]
[Lender’s Address]
[Lender’s City, State, Zip Code]
Subject: Cancellation of Mortgage Loan Application – [Your Name] – [Loan Application Number]
Dear [Lender’s Name],
This letter is to formally notify you of my decision to cancel my mortgage loan application with your institution. The application number is [Loan Application Number], which I submitted on [Date of Application].
I request that you cease all processing activities related to this application. I would also appreciate it if you could confirm in writing that the application has been cancelled and that no further action will be taken.
Please let me know the procedure for obtaining a refund of any application fees or deposits that I may have paid.
Thank you for your attention to this matter.
Sincerely,
[Your Name]
How to Write Sample Letter To Cancel Mortgage Loan Application
Subject Line: Clarity is Paramount
- Begin with a clear and concise subject line. Something like “Cancellation of Mortgage Loan Application – [Your Name] – [Application Number]” leaves no room for ambiguity.
- Avoid vague terms. Aim for precision; it expedites the process.
Salutation: Addressing the Right Person
- Address the letter to the loan officer or the department responsible for mortgage applications. If you have a direct contact, use their name.
- If you don’t have a specific name, “To Whom It May Concern” is acceptable, but striving for a direct contact yields better alacrity.
- Maintain formality. Use “Dear Mr./Ms./Mx. [Last Name]” unless you have a prior informal relationship.
Body Paragraph 1: Declaration of Intent
- State your intention to cancel the mortgage loan application upfront. Clarity is key.
- Include your full name, address, and the application number. This corroborates your identity and the specific application.
- Example: “I am writing to formally request the cancellation of my mortgage loan application, application number [Application Number], submitted on [Date].”
Body Paragraph 2: Reason for Cancellation (Optional)
- While not mandatory, briefly stating your reason can be propitious. This can be as simple as “I have decided to pursue other financing options.”
- Avoid overly detailed explanations. Keep it succinct and professional.
- If you’ve found a better rate or decided against purchasing a home, a brief mention suffices.
Body Paragraph 3: Request for Confirmation and Refund (If Applicable)
- Request written confirmation of the cancellation. This provides a paper trail and ensures accountability.
- If you’ve paid any application fees, inquire about the refund policy. State clearly that you expect a refund if applicable.
- Example: “Please provide written confirmation of this cancellation at your earliest convenience. I would also like to inquire about the refund policy for any application fees paid.”
Closing: Professional Demeanor
- Use a formal closing such as “Sincerely” or “Respectfully.”
- Followed by your full name and signature (if sending a physical letter).
- If sending electronically, a typed full name is sufficient.
Postscript: Follow-Up Strategy
- Keep a copy of the letter for your records.
- Send the letter via certified mail or email with read receipt to ensure delivery and create a verifiable record.
- Follow up with a phone call after a reasonable period (e.g., one week) if you haven’t received confirmation. Diligence is advantageous.
Frequently Asked Questions: Cancelling Your Mortgage Loan Application
Understanding the process of cancelling a mortgage loan application is crucial. This FAQ addresses common concerns and provides clarity on the steps involved.
Can I cancel my mortgage loan application after I’ve submitted it?
Yes, you generally have the right to cancel your mortgage loan application. However, the specific terms and conditions may vary depending on your lender and the stage of the application process.
Will I lose my application fee if I cancel?
Whether or not you receive a refund of your application fee depends on the lender’s policies and the timing of your cancellation. Some fees may be non-refundable, especially if services have already been rendered.
How do I formally cancel my mortgage loan application?
You should submit a written cancellation request to your lender. This letter should clearly state your intent to cancel the application, include your loan application number, and be sent via certified mail or email with delivery confirmation.
Is there a specific timeframe for cancelling my application?
There’s no single standard timeframe. However, cancelling as early as possible in the process is advisable to potentially minimize any costs or complications.
What happens after I send my cancellation letter?
The lender should acknowledge your cancellation request and cease processing your application. You may receive a final statement outlining any applicable fees or refunds.
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