Q: If I get an installment loan do I have the right to give the money back in full within 3 days?
Does that mean 3 business days?
A:
Maybe. It depends on what type of loan it is. The right of rescission doesn’t apply to every type of loan. These loans qualify for the right of rescission:
Mortgage refinance with a different lender
Cash-out refinance with your existing lender
Home equity loan
Home equity line of credit (HELOC)
Home equity conversion mortgage (HECM)/reverse mortgages
Bridge loan secured by the principal residence
Here are loan products where the right of rescission does not apply:
Home purchase
Second home
Vacation home
Investment property
Refinancing a mortgage with the same lender
Business loan secured by the primary residence
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