If you decide you want to refinance your home, as you go through the loan-signing process, you will be instructed that you have three days to change your mind. This is called the right of rescission, and it is guaranteed by the federal Truth in Lending Act as a consumer protection. The three-day period is meant to let the borrower think over the loan or home-equity line of credit and stop the process if necessary. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that changing or altering the terms of a loan is a major life decision, and this cooling-off period gives consumers a little time to think it through. The right of rescission does not apply to a mortgage for the purchase of a home, a refinance transaction with the existing lender, state-agency mortgages, or loans on second homes or investment properties. Check out below to see what sold in Royal Crown in July 2015:
45527 Violet Lane, Novi: 4 bedrooms, 2.2 bathrooms, 2,452 sq. feet, 2 car garage, Sold Price: $365,000
Royal Crown Home Sold
July 2015
22521 Moorgate Street, Novi: 4 bedrooms, 2.2 bathrooms, 2,685 sq. feet, 2 car garage, Sold Price: $435,000
Royal Crown Home Sold
If you are uncertain about how to rescind a loan, you can reach out to the mortgage originator to ask about the procedure. Deciding to rescind the loan is your personal decision, and you do not have to provide any reasons. For more information on Royal Crown, or similar Northville or Novi neighborhoods such as Mystic Forest, Windridge and Yerkes Manor, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.