Refinancing an existing loan is more that just about the interest rate.
What is a Rescission Period?
At this point, everything is almost wrapped up. With a refinance, there is a required three business day waiting period before the loan officially funds. This gives you time to reflect on your decision to refinance your loan. Once the three day period has passed, your refinance is funded and your new loan is in place!
If you’re expecting cash out while refinancing, your cash out funds will be disbursed at the conclusion of this three day rescission period.