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Too late to back out of Refinance?

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phxphun
New Contributor

Too late to back out of Refinance?

Yesterday I signed Disclosure Docs on a cash out refinance.  Today I see that I can get a better rate with lower loan fees elsewhere.

 

Is it too late for me to back out of the refinance?  

Message 1 of 7
6 REPLIES 6
ezdriver
Senior Contributor

Re: Too late to back out of Refinance?


@phxphun wrote:

Yesterday I signed Disclosure Docs on a cash out refinance.  Today I see that I can get a better rate with lower loan fees elsewhere.

 

Is it too late for me to back out of the refinance?  


You've got three business days to cancel. Read your right of recission disclosure.

Message 2 of 7
phxphun
New Contributor

Re: Too late to back out of Refinance?

Ezdriver - Thank you for pointing that out...  I see it now.  redfaced> phxphun

Message 3 of 7
DallasLoanGuy
Super Contributor

Re: Too late to back out of Refinance?

disclosure docs?  or closing papers?

 

if disclosure docs.... just withdraw the application with the lender.

 

closing docs?  then you have a 3 day right of rescission spelled out in your paperwork.

 

 

Retired Lender
Message 4 of 7
phxphun
New Contributor

Re: Too late to back out of Refinance?

Yes, DallasLoanGuy... they are Disclosure Docs.  

 

What I saw there once ezdriver caused me to actually look <embarassed> is the Acknowledgement of Receipt of Loan Estimate which states I am "not under obligation to proceed".  Thank you for clarifying.

Message 5 of 7
DallasLoanGuy
Super Contributor

Re: Too late to back out of Refinance?

let the current LO off the hook.... it is the right thing to do

 

Retired Lender
Message 6 of 7
Anonymous
Not applicable

Re: Too late to back out of Refinance?

Just make sure before you back out on the original loan, that the new offer is legit, that it's not some teaser rate that you'll never qualify for.

Then like others said, you've got the three days for a reason, just make sure to keep you LO in the loop and submit the correct notification to him/her on time.
Message 7 of 7
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