Home Loan Refinancing When Do You Have To Close?
Refinanced mortgages have a couple of different rules when it comes to closing. For one, there is a mandatory rescission clause for primary residence mortgages that allows you annul your loan. You can also choose to close at anytime, which is beneficial if you think rates will drop in the near future.
Rescission Clause
With a rescission clause, you have three days after closing to cancel your loan if the property is your primary residence. Think of it as a cooling off period. If you have second thoughts, you can annul the loan and recoup nearly all the fees.
Most often this clause comes in handy when homeowners are deciding to tap into their homes equity, but then change their minds. Other times, a change in job situation or home plans makes the refinanced mortgage unnecessary.
Once you have annulled your mortgage, you will only have a short term hit on your credit score from the lenders background check. It will make little difference if you decided to apply for another loan in the near future.
Delaying Closing
You dont have to close your refinanced mortgage within 30 days. You...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
