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• Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA).

  National Credit Union Administration - Cite This Source - This Definition
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  Cite Definition for Right of rescission

  American Psychological Association (APA)

  Right of rescission. (n.d.). Pocket Cents Glossary. Retrieved February 4, 2023, from website: http://www.expertglossary.com/definition/right-of-rescission.

  Chicago Manual of Style (CMS)

  Right of rescission. www.mycreditunion.gov. Pocket Cents Glossary. National Credit Union Administration. http://www.expertglossary.com/definition/right-of-rescission (accessed: February 4, 2023).

  Modern Language Association (MLA)

  "Right of rescission." Pocket Cents Glossary. National Credit Union Administration. 4 February. 2023 http://www.expertglossary.com/definition/right-of-rescission.

• Browse Related Terms: Adverse Action Notice, Annual Percentage Rate (APR), Credit application, Discount rate, Federal Open Market Committee (FOMC), Finance Charge, interest, Interest rate, Money factor, Origination fee, Periodic interest rate, Prequalification, Prime rate, Regulation Z, Right of rescission, Truth-in-Lending Act

All > Business > Finance > Personal Finance > Mortgage

• Period of three full days after closing in which the consumer is allowed to negate an owner occupied refinance transaction.

  State of New Jersey, Department of Banking & Insurance - Cite This Source - This Definition
  ×

  Cite Definition for Right of rescission

  American Psychological Association (APA)

  Right of rescission. (n.d.). Glossary of Common Mortgage Terms. Retrieved February 4, 2023, from website: http://www.expertglossary.com/definition/right-of-rescission.

  Chicago Manual of Style (CMS)

  Right of rescission. www.newjersey.gov. Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. http://www.expertglossary.com/definition/right-of-rescission (accessed: February 4, 2023).

  Modern Language Association (MLA)

  "Right of rescission." Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. 4 February. 2023 http://www.expertglossary.com/definition/right-of-rescission.

• Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)

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