The release of funds. With a purchase mortgage, the closing agent disburses the loan proceeds at the conclusion of the closing. However, if a borrower is refinancing a primary residential property, the disbursement must be delayed three business days. This three-day delay is called the "Rescission Period," and allows the borrower to reconsider and possibly cancel the refinance loan. For more information, see the "Closings and Transactions" article in the "Real Estate In-Depth" section.
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