I'm a first time home buyer and am not very familiar with how mortgage loan process work.

If say I have accepted a loan offer letter from a bank, somewhere along the way another bank offer me a better rate and I choose to proceed with this latter bank, would there be any penalty imposed on me from the first bank?

I have read the letter of offer and do not seem to recall clause stating penalties if I choose not to continue with the loan.

Can anyone kindly advise me please?