Can I cancel a Refinance after I sign the documents?

[Juan M Restrepo]

Hey Guys, 

I decided to refinance my rental property since rates are extremely low. I sign a couple of documents ( Appraisal report, Proof of delivery, hazard insurance, loan estimate, Lock agreement) but my current loan Status is Conditional Underwriting Approval. Furthermore, My loan officer also wants 2 pay studs and the lease agreement. Thanks to J Scott's Book (Recession proof real estate investing), I decided to sell the property instead. Do you guys know if is too late to back up from the refinance? 

[Randy L Swihart]

Hi,

You might want to check with your attorney regarding Right of Recission on Non-Owner Occupied Property and the CFPB.
Typically - A residential mortgage transaction is exempt from the rescission requirements. Rescission also does not apply to mortgages on vacation homes and investment properties, even if these transactions are refinances. A state agency mortgage is also exempt. So if you don't sign you may be out some application and apparisal costs. Check with your attorney

Randy Swihart

Licensed Real Estate Broker

Licensed Mortgage Broker