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In general, a lender cannot cancel a loan after closing unless there are specific circumstances outlined in the loan agreement or if fraud or misrepresentation is discovered. Once the loan has been closed and funded, the lender has typically committed the funds and established the mortgage lien on the property.

If you applied for the personal loan online, you can withdraw or abort the personal loan procedure at any step before final approval of the loan. Once the loan approval is received and you have received the funds, you may not be able to cancel the loan.

No, if you apply for a personal loan, you do not have to accept it. The lender does not make the loan official or disburse the funds until you sign the loan, either in person or electronically. You are free to decline the lender's offer if you do not like the terms of the loan, or even if you just change your mind.

You can cancel your mortgage application at any point in the process up to completion, even if you've submitted all your paperwork. Bear in mind that any fees you've already paid are non-refundable, and you may incur some additional costs depending on where you are in the process.

And once you close, you are pretty much obligated to pay off the entire loan. With that said, backing out of a mortgage before closing is almost always ideal. The caveat, however, is that the lender is typically not required to refund any upfront costs from processing the mortgage?that money will most likely be lost.

Tell the lender you want to cancel the pending application and provide a reason. Explaining the situation will help the lender understand any future needs. Next, go through your application with your lender. Typically, you may get refunds of certain fees, such as credit check and appraisal fees.