Free tool
Right of rescission calculator
On most refinances of a primary home, the borrower can cancel until midnight of the third business day after signing, and the loan can’t fund until that time has passed. Enter the signing date to see both dates.
Enter a closing date.
How the three days are counted
The three days start the day after signing. Every calendar day counts except Sundays and federal public holidays, so Saturdays count. The right to cancel ends at midnight on the third business day, and the earliest funding date is the next day.
Example: signing on a Thursday. Friday, Saturday and Monday are the three business days (Sunday is skipped). The right to cancel ends at midnight Monday, and the loan can fund Tuesday. If Monday were a federal holiday, the period would run through Tuesday and funding would move to Wednesday.
When the period starts later
The three days run from the latest of three events: signing, delivery of two copies of the notice of the right to cancel to each borrower, and delivery of the required Truth in Lending disclosures. This calculator assumes all three happened at closing. If the notice or disclosures were missing or wrong, the right to cancel can last much longer, up to three years.
Who it applies to
It applies when a loan is secured by the borrower’s principal dwelling. Every owner who lives in the home has the right, even one who isn’t on the loan. Purchase loans don’t have it. A refinance with the same lender only has it for new money beyond the existing balance and closing costs, and second homes and investment properties don’t have it.
A planning aid, not legal advice. Follow the lender’s funding instructions and confirm with them when the rules don’t fit neatly.
Stop a refinance from funding a day early
Closing Desk works out the rescission period and earliest funding date for every refinance you have open, and flags a rate lock that expires before the loan can fund.