[Sample] Loan Application Cancellation Letter

Your Name
Your Address
City, State, Zip Code

DATE

Name of Loan officer
Name of Lending Institution or Bank
Address of Lender
City, State, Zip Code

RE: Cancellation of my mortgage number NUMBER

Dear Name of Loan Officer:

This letter is in reference to our phone conversation on DATE when I informed you that I wanted to cancel my mortgage and a formal notification in writing. I applied for the loan on ____ and submitted all the required documents for approval and closing.

However, I have discovered a lender who will give me a lower interest rate on the same amount required for my mortgage. I am informing you within the time limit of 72 hours of closing, so I have the right of rescission.

Kindly cancel my mortgage application and return all the documents to me. I will be happy to come to the bank and get the documents whenever you inform me they are ready. 

I understand that the credit check and appraisal fees are refundable, but the application processing fee and rate lock-in fee may not be refundable.

I will pay any cancellation fee if you inform me at the time I get the documents. I am requesting a formal release of the mortgage document.

I can be reached at my phone number or at my email address if you have any questions. Kindly let me know on or before ____ when I can pick up my documents.

Sincerely,

Signature
Your Name