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Wait 3 Days to Disburse Funds on Loan Renewal?

If I am renewing a loan that is holding the primary residence as collateral, do I still need to wait three days to disburse? (Right of rescission)

Answer by Jim Bedsole:Right of rescission does not apply to a refinance with the same lender with no new money advanced (other than for closing costs).


Answer by Richard Insley:If it's truly a renewal and not a refinance, then no TIL disclosure is required either.

First published on 7/24/06

First published on 07/24/2006

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