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What is a rescission period?

April 26, 2017period rescission

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What is a rescission period?

5 Answers

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A rescission period is a waiting period of three business days between the signing of the loan papers and the disbursing of the loan. This period allows you to reconsider, and perhaps void, the transaction.

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The loan rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period allows you to reconsider, and perhaps void the transaction, and is required by federal law for all owner-occupied refinances.

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The rescission period is the time during which you have an opportunity to review the documents and legal disclosures we provide to you at closing. All loans secured by primary residences allow for this review time. During this time, you have the right to cancel this transaction at no cost to you. You may exercise this right until midnight of the third business day after loan closing or delivery of the required disclosures (whichever is later); therefore Tri City National Bank is not able to fund the loan until the rescission period has expired. You will receive a detailed notice of your rights regarding rescission with your closing documents.

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A rescission period is a three-business-day waiting period from the time the final loan papers are signed to the time the transaction disburses in accordance with federal law. The customer can cancel the loan without any penalty during this period.

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There is a required three day right of rescission on all refinance loans for primary residences. The rescission is provided to allow the borrower an opportunity to get through their closing and still cancel the loan if there are any unacceptable changes to the original estimate. Rescission is not required on investment property refinances or any purchase transactions.