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What happens if I cancel my cash out refi? On a rental property

by ducasse947 from Fairfax, South Dakota. Nov 30th 2020 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 800 contributions

Did you sign??

Nov 30th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Cancelling a loan is relatively easy depending on where you are in the process. Different rules apply depending on whether the collateral is a Primary residence or not. Refinance loans secured by a primary residence can be cancelled at any time prior to signing the new loan documents. In addition, there is a three-day rescission period that begins at Midnight of the day you signed the loan documents. Under the rules, the loan can be cancelled as long as the borrower signs and returns to the Title Company or the Lender the Rescission form they are provided at escrow by the date and time notated on the form. For all other collateral types (Investment property and second homes), once the loan documents are executed, the borrower is committed to the new loan. So, unless you have already signed the new loan documents, you can cancel, however any funds expended by the lender towards your approval, like credit report fees, appraisal fees, you are responsible for, and if you already paid for them, they are not refundable. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we're pending approval in VA. ~ www.ApplyYes.com 480-889-9000.

Nov 30th 2020
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