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Answers (12)
"1.5 year old thread... thanks for the timely answers!"
I don't believe phpat was offering a "timely answer", I believe they have the same question and they searched Zillow and ended up here. They appear to be asking for a clarification to an existing question. I guess one would say to you, "Thanks for the stupid answer the old thread." Only answer in the last year was phpats request for clarification and your SA response.
phpat,
You have a 3 day rescission period when refinancing a first mortgage on your primary residence. If you rescind prior to that, you are technically supposed to receive all of your money back, but things like appraisals and credit reports that were paid to third parties on your behalf will likely not be returned provided you signed such waivers when they were ordered.
I don't believe phpat was offering a "timely answer", I believe they have the same question and they searched Zillow and ended up here. They appear to be asking for a clarification to an existing question. I guess one would say to you, "Thanks for the stupid answer the old thread." Only answer in the last year was phpats request for clarification and your SA response.
phpat,
You have a 3 day rescission period when refinancing a first mortgage on your primary residence. If you rescind prior to that, you are technically supposed to receive all of your money back, but things like appraisals and credit reports that were paid to third parties on your behalf will likely not be returned provided you signed such waivers when they were ordered.
1.5 year old thread... thanks for the timely answers!
- phpat
- Contributions:1
if you cancel on third day after signing documents, do you get charged for anything or its absolutely no cost to you?
- Harry Newell, "Harry Newell"
- Contributions:50
If the refinance is on your primary residence, then you will have a three-day recission period (or cooling off period) in which you have the opportunity to "rescind" your loan after signing/reviewing the closing documents. This period counts Saturdays, but not Sundays or banking holidays. With an investment property or second home, there is no recission period, so you want to be sure before you sign on the dotted line. Yes you can cancel a refinance prior to closing, and in fact, if you are uncomfortable at all, should do so especially if it is an investment property or second home.
Interesting fact, that not a lot of people are aware of, is that on a primary residence refinance, if you cancel before closing, you have lost out on any funds you may have outlayed (like appraisal fees). However, by law, if you go to closing, sign, THEN rescind during the recission period, the lender is required to make you whole, meaning they would have to reimburse you for any expenses you prepaid.
Yes
- Mike D Melbostad, "Mike D Melbostad"
- Contributions:37
You can cancel a refinance even 3 days after your closing. It's called a right of rescission.
- itzpms
- Contributions:3
i believe either party can cancel.
- Clay Branch, "Georgia Loans"
- Contributions:7839
papadelag, why do you want to cancel? Did the terms change?
- CORONA NICK
- Contributions:2218
dido
On a refinance for a primary home, you have a 3 day right of recision. You can cancel the refinance any time up to 3 business days (Saturdays included, Sundays and Holidays excluded) after settlement. Example: You make settlement on Thursday. The day of settement doesn't count, so the clock starts ticking on Friday. So, you have Friday, Saturday, and through midnight Monday (or midnight Tuesday if Monday is a holiday) to cancel a refinance. Or, you can cancel before settlement.
- Naoma Doriguzzi, "Naoma Doriguzzi"
- Contributions:41
Your closing isn't final on a refinance until it funds - 3 days after closing. So, yes you may cancel even before you close.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Yes.
can you cancel a refinance once a closing date is set?
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