The rescission period is a waiting period of 3 days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period permits you to reconsider, and perhaps void the transaction, and is required by federal law for all owner-occupied refinances.
How do you feel financial crisis?
TectdideFem
04-02-2009 17:47
I would like to ask of you: How do you feel financial crisis in your life ?
Hi,
The rescission period is for the borrowers protection, it is a government regulation to have 3 days rescission period after a refinance transaction.
The only time the rescission period does not apply is on a purchase transaction. Purchases usually fund on the same day, unless there are some extenuating circumstances, like a late closing.
The rescission period for a refinance loan cannot be waived.
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