Gary McNinch's Client Testimonials: Gary McNinch's Client Testimonials: Simple Real Estate Definitions : Right To Cancel

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Simple Real Estate Definitions : Right To Cancel

Right To Cancel noticeAs part of the federal Truth-in-Lending Act, refinancing homeowners are granted a 3-day "cooling off" period post-closing during which they retain the right to rescind, or "cancel", their recent refinance without penalty or cost.

The Right To Cancel is protection against surprises at closing and/or a change of heart. It's also a safety valve for homeowners signing paperwork under duress. With 3 days to revisit and rethink the terms of a loan, a homeowner can maintain tighter control of his/her financial situation. 

If you ever have the wish (or need) to execute your right to rescind, be aware that the process is a formal one. The required steps must be completed on-time, and in order, or else your request will be invalid.

The process starts with a document labeled "Right To Cancel". It's included in your closing package and lists the terms of a rescission in straight-forward language. Among the key points :

  1. You have 3 business days during which to cancel your loan
  2. When you cancel the refinance, the entire transaction is cancelled
  3. You must submit your Right To Cancel in writing

"Business day" is defined by the government to be every day, save for Sundays and federal holidays. A loan that closes on a Monday, therefore, must be rescinded prior to Friday at 12:00 AM.

Typically, rescission requests are faxed to the settlement agent, notary, or title company assigned with the refinance. It's good practice to ask for an acknowledgement of receipt as proof of delivery, too.

There are some refinances for which the Right to Cancel does not apply, however. This includes refinances linked to an investment property, and loans not collateralized by residential real estate. There are other conditions, too, that may supersede your right to rescind so be sure to ask your lender.

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Gary McNinch Given to Excel in Real Estate
Keller Williams Realty Southeast Sound Direct: .. (425) 277-5100
560 Naches Avenue Southwest, Suite 100 Fax: (425) 277-5400
Renton, WA 98055 Email Email Gary
Keller Williams Realty Southeast Sound, 560 Naches Avenue Southwest, Suite 100, Renton, WA 98055



About Gary McNinch's Renton, WA Real Estate Website: The www.rentonhomefinder.com web site provides Downtown Renton, Renton Highlands, Kennydale, Newcastle, Talbot Hill, Cascade, Kent, Skyway and Fairwood, Washington real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Renton area. Gary McNinch Garie, Garry, McNich, McNitch, or McInch has services to help you get the best value for your Renton home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Renton REALTOR who knows  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Renton, WA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Gary McNinch can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Gary speaks  your language.
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