| Just for fun, consider the calendar on the right (from June, 1966.) |  |
If your closing was on Monday, June 6th on this calendar, your rescission period would begin on Tuesday, June 7th. The third day of your rescission period would be Thursday, June 9th, and your refinance would fund on Friday, June 10th.
If your closing was on Tuesday the 7th, your rescission period would end on Friday the 10th and your refinance would fund on the following Monday, the 13th.
If you closed on Wednesday the 8th, the third day of your rescission period would be Saturday the 11th, and your refinance would fund on Monday the 13th (same funding date as if you closed on Tuesday, by the way.)
A closing on Thursday the 9th would mean that the third "business" day after your closing date would be Monday the 13th, so your refinance would fund on Tuesday the 14th.
What you should know: Refinances and the 3 day rescission period
According to the law, you have three business days after your closing date to change your mind about a refinance (and rescind the new loan.) The day after that rescission period expires, your refinance will fund - the title company will wire funds to pay off any mortgage you're refinancing, and any cash out to you will be available.
Seems simple enough, doesn't it? But it gets interesting: Saturday counts as a business day, and Sunday does not.
Quick interest rates
| Program | Rate | APR |
| 30 year fixed | 6.375% | 6.623% |
| Jumbo fixed 30 | 8.500% | 8.652% |
| 5 year ARM | 5.750% | 6.159% |
Contact Info:
720.297.8002 tel
720.294.0152 fax
