Consumption and Real Estate
Is it normal procedures to sign documents on one day and close a couple of days later for an FHA refinance?
Question : Is it normal procedures to sign documents on one day and close a couple of days later for an FHA refinance?
We are schedule to sign the loan Docs. on 01/26/08 and the closing date is set for 01/31/08 for an FHA refinance loan is that normal?
fha refinance
Best answer:
Answer by Russell K
That is not normal, but why are you worried? Are you sure that it is an FHA loan? What is the interest rate, and how much equity do you have in the home?
Yes…it is normal. There is a 3 day rescission period on all refinance loans albeit FHA or conventional. This is given to the borrower incase you want to change your mind about the transaction.
The 3 days are counted starting the first business day after closing and ends the 3rd business day at midnight, holidays are not included in the count. Your loan officer and/or escrow closing personnel should have explained this to you.