Mortgage Grace Period
Mortgages are binding contracts to repay debt and when making a purchase there is no Recision period once signed. This means that once you make a purchase with the loan, you cannot take it back. However, when refinancing a mortgage, there are times when the borrower has second thoughts. Perhaps they don’t like the new payment or something changes in their life during that time that makes making the new payment difficult. If that occurs the borrower does have a Three Day right to rescind even after signing the documents. The recision forms are included with all refinancing documents and a Three business day period must pass before funding and recording can take place
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