What is the 3-day Right of Rescission?
The 3-day right of rescission period is a waiting period for all refinances of owner occupied properties. This is designed to give the owner time to review the documents and make certain that the refinance is in their best interest. It also allows the lender to make certain all the documents are correct and the numbers add up. The 3 days start the day that you sign your loan papers at the Title Company. Anytime during the 3 days if you wish to cancel the transaction you need to let your lender or the Title Company know in writing that you wish to cancel.
