Can I withdraw my mortgage application from a mortgage company without paying a fee?

We are in the middle of applying for a mortgage with a mortgage company. We have submitted documents and has signed paperworks but we want to switch to another mortgage company. Can we still do it and since they have worked on our papers already , are we going to pay a fee?Can I withdraw my mortgage application from a mortgage company without paying a fee?
Normally you can change mortgage companies without penalties, but you are one of the reasons that mortgage bankers or brokers want to charge an upfront fee for their services.





There are many clients that without reason decide to cancel their application because some other mortgage banker or broker give them the line that they can offer a better rate or for a few less points.





If you were offered a better rate or fewer points and fees perhaps you should speak with your current mortgage banker or broker to see if they can match your other offer.





But that is your choice and normally there is no cancellation fee.





You will be required to complete another application and start a fresh.





I hope this has been of some benefit to you, good luck.





';FIGHT ON';Can I withdraw my mortgage application from a mortgage company without paying a fee?
Of course you can switch Brokers. The question about fees, cannot be answered with the information you provided. You may have signed an agreement which allows the Broker to charge you a penalty. It is unlikely however that you will be charged anything, unless you are within days of closing. Make it easy on yourself, and let your new Broker handle these questions. He/She will look at your documentation, and determine if you owe anything, they can do this before you sign any agreement with them. They can even help to clear up any issues with your old broker. Insist that they answer your questions before you sign anything.





Now to other fees. If your original broker has already selected a title agent, done a home inspection, survey, or has commissioned any other actions to be taken by third parties, you can be held liable for these services. A title agency will likely just cut their losses, and expect nothing further from you, but you can save yourself time by using the same agency. Surveyors and home inspectors can sue you if they don't get paid. It is unlikely that they will, but since you will likely need these services anyhow, you may as well use the same companies.





Again, these are all issues that are to be resolved by your broker. While you should make absolutely certain that he/she understands your concerns, and takes care of these issues, you have little to worry about.
Seriously if you gonna pay both upfront fees anyway, then I would let it follow through, see who approves you first. You could cancel with one company and have the new company deny you, then you gotta start all over again.





You shouldn't have to pay for anything other than your appraisal, which you may not be able to use with another company depending on their policy.





If you paid an upfront application fee then you will simply forfeit that
I would call your mortgage company immediately and say that you want to cancel your application. Depending on far in you are into the process, you should be able to get out of it without any fee. However you need to do this as soon as possible. If they still want you to pay the fee, I would negotiate and try to get it knocked down (it never hurts to try).
No fee is required. The only fee that you could be on the hook for is the appraisal if that's already been done.





As soon as you pay for the appraisal that appraisal is yours. You can take it your next mortgage company. It is good for 6 months.





Ethically, you do need to stop the process with your current mortgage company though.