What is the three-day rescission period?
By law, after signing all loan documents at closing, you have three days to cancel a refinancing loan transaction. This period is also called ‘the three-day right to cancel.’ Thia applies to all primary residence refinancing. The loan funds and cash out disbursements take place after this period expires—provided you don’t change your mind. The period counts Saturdays, but not Sundays or holidays.
By law, after signing all loan documents at closing, you have three days to cancel a refinancing loan transaction. This period is also called ‘the three-day right to cancel.’ The loan funds after this period expires—provided you don’t change your mind. The period counts Saturdays, but not Sundays or holidays.
A. By law, after signing all loan documents at closing, you have three days to cancel a refinancing loan transaction. This period is also called ‘the three-day right to cancel.’ The loan funds after this period expires—provided you don’t change your mind. The period counts Saturdays, but not Sundays or holidays.
Related Questions
- Does the three-day right of rescission in a refinance transaction constitute a valid three-day waiver period for receipt of the appraisal under the Code?
- Does the three-day right of rescission in a refinance transaction constitute a valid three-day waiver period for receipt of the appraisal under AIR?
- What is the three-day rescission period?
