Closing

No. There are no penalties to cancel a loan, prior to signing loan documents. Even if you did sign loan docs, most states have a 3 day right of rescission.

Thanks Chris

do you or any one else knows whether Florida has the 3 day right of rescission? Are these business days?

Thanks

I know that Florida is a wet state, meaning loans fund at the table when purchasing RE. I searched for you but could not find anything concrete. If you are worried, if you look in you loan docs, you will see a notice: notice to cancel. Or you can contact a title or escrow company in your area and they can tell you for sure. Everyday except Sun and holidays count on 3 days.

Hi ztheist!

Welcome to forums!

Before you close your loan, you will have the rights to cancel the deal without any penalties. As far as I know, once the deal is closed, you will get a 3 business-days time period to cancel the deal. If you cancel the deal within that time period, then you won't be liable for any penalties. However, if you cancel the deal after that time period, you will be liable for paying penalties.

Feel free to ask if you've further queries.

Sussane

Rescission is a federal law. Any refinance transaction affords the borrower a right to cancel. In so doing, a borrower is to receive a refund of all funds expended from the lender.