Finance
When a NH homeowner refinances their mortgage, the right of rescission under TILA allows them to cancel the transaction within:
A24 hours
BThree business days✓ Correct
CSeven calendar days
D30 days
Explanation
TILA's right of rescission gives homeowners three business days to cancel a refinance of their primary residence. This right does not apply to purchase money mortgages or commercial transactions.
Related New Hampshire Finance Questions
- An FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the base loan amount. For a $250,000 loan, what is the UFMIP?
- New Hampshire's Real Estate Transfer Tax is paid at a rate of:
- A NH buyer with a significant amount of student loan debt applying for a conventional mortgage will find that student loans affect their:
- When a NH property's appraised value comes in below the contract price, the buyer's options include:
- A NH buyer is offered a mortgage with 2 discount points on a $300,000 loan. How much will the buyer pay in points at closing?
- A NH buyer's debt-to-income (DTI) ratio for a conventional mortgage should generally not exceed:
- A NH commercial real estate investor's loan has a 'recourse' provision. This means:
- What is the maximum loan amount for a standard conforming conventional mortgage in most U.S. markets for a single-family home in 2024?
Practice More New Hampshire Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Hampshire Quiz →