Loan Process - when can you back out

[Peter E.]

Novice question - If I have a deposit down on a property through a real estate contract and am in the process of securing a loan with a finance company, with the loan application submitted and being evaluated, can I tell the loan company that I've changed my mind? Or am I locked in to take the loan? I may be in this situation as I am just now evaluating the appraisal and the property doesn't seem like such a good deal afterall.