How Do You Rescind A Mortgage Agreement?
A mortgage refinance is a major financial decision in any consumer’s life. While those with excellent credit often can qualify for low-cost mortgages, it is still a major expense. Federal law protects a consumer’s right to rescind a mortgage refinance or home equity line of credit (HELOC) in many cases. This is also called a cooling-off period. It is there to allow consumers to review all final terms of a loan for a period of three days following a loan close. It’s important to know whether your mortgage qualifies for a rescission notice. Make sure your mortgage allows for rescission. Mortgages that may not qualify include purchase mortgages, refinances with the same lender, and mortgages on properties not considered primary residences. Contact your lender if you are unsure whether your mortgage entitles you to a rescission period. Make sure you are absolutely sure that you want to rescind your loan. Once you rescind, the entire loan agreement will be cancelled and you’ll need to start
