3.38- What is “Notice of right to rescind” ?

The right of rescission refers to the right of the consumer to cancel types of loans .The Right of Rescission pertains to Refinance transactions and not to new home purchases. In a Refinance transaction, the borrower has the right to cancel the transaction within three days from the time the loan was closed. By law, a "Notice of Right to Rescind" must be provided to the borrower in a refinance transaction at the time of closing.

Related Topics: What is a rescission period and when does it end? What is A borrower’s right to rescission? Explain Funding regarding rescission period. What is the Definition of “business day” in a mortgage rescission

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