Period of three full days in which the consumer is allowed to negate an owner occupied refinance transaction
A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing. This typically occurs with the re-finance of a primary residence.
The borrower's statutory right under the Truth-in-Lending law to change his or her mind and cancel a loan within three business days from the date of the loan application.
A buyer´s right to rescind after signing any contract to buy or lease a lot covered by ILSFDA.
The right of recission is the three day period a borrower must wait after signing the loan documents until the loan is funded and closed. These three days are required by the Federal Government to allow borrowers to decide whether they want to continue with the loan even after the final documents are signed. Only days of business can be used as recission days, although Saturday can be used most of the time. This only applies to owner occupied refinance loans on one to four family properties.
The borrowers right to cancel a mortgage refinance transaction within three days from the date the settlement documents were executed.
A period of three business days after the loan closing in which the borrower may cancel an owner occupied real estate transaction.
Under the provisions of truth-in-lending, the borrower's statutory right, on certain kinds of loans, to change his mind and to rescind the transaction during a three-day waiting period.
