This is a period following a home equity loan or mortgage refinance transaction whereby, the borrower has 3 days to look at all of the documents that they signed, as well as the terms, and they can cancel the transaction at any time, for any reason, during this period.
This was imposed by the Government (via Truth In Lending Act, or TILA) due to unscrupulous mortgage companies that took advantage of customers by charging fees and rates that were too high.
There is not right or rescission allowed on a purchase transaction however, so “buyer beware”.
Until next time...
Anthony
www.AnthonyKirlew.com
