Legal analysis: If the application is still in the bidding period, you can cancel the application directly without signing a formal loan contract. If the loan has passed the signed contract, it can only be cancelled after paying off all the loan amount. Applicants need to negotiate with their account managers to handle mortgage delivery procedures, bring real estate licenses and other house warrants, and go to the local real estate bureau to handle mortgage cancellation procedures. Although the mortgage loan can be cancelled, the expenses before and after applying for the loan shall be borne by the applicant. But also delayed a lot of time for applicants and lending institutions.

Legal basis: Article 37 of the Law of People's Republic of China (PRC) Commercial Bank, a commercial bank shall conclude a written contract with the borrower when granting loans. The contract shall stipulate the type, purpose, amount, interest rate, repayment period, repayment method, liability for breach of contract and other matters that both parties think need to be agreed.