Even if
you've already closed on the deal, a
provision of the
Truth in Lending Act gives
you three business days to cancel certain
real estate loans without penalty.
You can
cancel the transaction for any reason. In
the case of
home equity loans, you can only
cancel the transaction if you are using your
primary home as collateral.
Be sure
to submit your
mortgage rescission in writing, and
before midnight of the third business day.
For rescission purposes, business days
include Saturdays but not Sundays or
Holidays.
During those three business days, lenders
should not send you any money, nor should
contractors deliver any materials to your
home or start work.
Mortgage Glossary10
