An Arizona borrower who refinances their primary residence has a 3-day right of rescission under TILA, which means they can cancel the refinance within:
Why 3 business days after signing the loan documents (not including Sundays and federal holidays) Is Correct
Answer B: 3 business days after signing the loan documents (not including Sundays and federal holidays)
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
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Key Terms to Know
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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