Rescission

The cancellation or annulment of a transactionApplies to any business dealing. In real estate, it is an instance of exchanging ownership of a property.  or contract by operation of law or by mutual consent. Borrowers have a right to cancel certain mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... refinanceGetting a new mortgage with all or some portion of the proceeds used to pay off the prior mortgage. and home equityThe value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity. transactions within three business days after closingThe process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as “escrow,” a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. See..., or for up to three years in certain instances.