When refinancing a loan on a primary residence, you are entitled to something called the right of rescission, or the ability to cancel the transaction. This right is set forth in the Truth in Lending Act (TILA), and expires three business daysafter the last of the following events occur:
Generally, the right of rescission only applies to refinance transactions on your home, and does not apply to the following:
Since there’s a possibility that you will cancel, loans that qualify for the right of rescission will only fund after the three day period has expired.
In the event that you change your mind on a qualifying loan within this period, you'll need to contact the lender. This process is found within the rescission notice that the they are required to provide. Spruce is a neutral third party serving as the title and escrow agent, and is not involved in the rescission process.
 12 C.F.R. § 226.23(f)
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