I've applied for a HELOC based on my bank telling me that I couldn't get a HEL, which I've found out isn't true.

Just call them and tell them you want to cancel.. That simple.. As far as a HEL vs. a HELOC.. I would go with the HELOC.. You apply once, and you get unlimited access to those funds as often as you wish during the draw period without having to re qualify every time.. With a HEL, you apply, they give you funds and you have a set repayment schedule.. if your needs change, or you wish to get more funds from your home, you have to re apply and pay more loan initiation fees.. I have borrowers who are doing their 3rd refinance with me right now because they continue to get cash out of their home.. I have advised them each time they would be better off getting a HELOC, but they're worried about the "Adjustable Rate".. if you add up all the costs they've paid me for the 3 refinance transactions, they could have paid 6 or 7 years worth of payments.. Just food for thought.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Under HMDA law you can rightly "Withdraw" your application at any time.

Just call them and tell them you are canceling your application.

Hi youseg. As William mentioned - it's as simple as contacting them and just telling them you want to cancel the transaction. In Illinois we have a '3-day right of rescission' law for all owner-occupied residential properties, which means even after you sign the mortgage documents such as the note and mortgage you still have 3 business days to change your mind and cancel the loan. We're an Illinois mortgage lender, if you need a price quote or any additional help - please feel free to contact me. We don't charge any application fees and all information is completely free with no obligation. Thanks, Sam. www.silvercreekfinance.com

you can simply cancel

sounds pretty easy call and cancel

You have the legal right to withdraw at any point of the application process through the 72 hour right of recission period.