Rescission involved in a mortgage transaction is a right the borrower has. It is the right established by law that gives a homeowner the opportunity to cancel a mortgage contract within three days after it has been signed, if the mortgage is secured by the borrowers primary home.
The right of
rescission was implemented to have you, the customer's best interest in mind. If you are thinking about doing a cash out refinance and will need the money by a certain date, then you should plan accordingly.
The right of
rescission does not exist on refinances of non-owner occupied properties.
The right of
rescission does not exist in a purchase transaction. If you are purchasing a home, the transaction will fund the same day as the closing.
