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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.

If I have already refinanced my home or vehicle once, can I do it again?

Yes, you can refinance your home or vehicle more than once and it may be very wise to do so if interest rates are steadily falling.

Are there any costs for refinancing?

Typically, when you refinance, what you do is pay off the existing balance and then sign a new loan with new terms. When you sign this new loan, you again have to pay all the same costs you paid with the original loan. You may want to take this into consideration when deciding if you are ready to refinance.

I live in the United States, but I would like to purchase property in another country. Can I get a mortgage through CreditSoup on foreign property?

If you want to apply for a mortgage on a foreign property, you have to apply through a bank or other financial institution offering mortgages in that particular country. Currently, you cannot apply for a foreign mortgage (non-U.S.) at the CreditSoup web site in the United States.