Unless you signed the document, you can back out…except you probably need to pay for the appraisal. You did ask your lender/broker first what sort of fees you would have to pay for if you backed out, didn’t you?
….If you already signed the doc, you have 72 hours to cancel.
The appraisal may/maynot carry over to the next loan…as if the loan is from a different lender, they might require their own appraisal from their appraiser.
Some companies like Amerisave, I believe makes you pay up front a processing fee, which I think you don’t get back if you cancel. That was the source of a lot of complaints.
