Credit Basics
What is a rescission period?
The rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period gives you time to make sure that you really want to go ahead with the transaction, and is required by federal law for all owner-occupied refinances.
What does APR stand for and what does it mean?
APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.
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