As 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 Continue Reading
Lender Lingo
Understanding the Keywords While there is no need for you to be a mortgage expert, having a basic understanding of certain key concepts will help your communication with a mortgage lender. Below is a summary for your reference. All this to get you closer to your goal of homeownership. Annual Percentage Rate (APR): The APR includes the base interest rate, points, and other loan fees. Continue Reading
