Finance
Under RESPA, the three-day right of rescission applies to:
AAll NJ home purchases
BRefinancings and certain home equity loans on a primary residence, not purchase money mortgages✓ Correct
COnly commercial loans
DOnly adjustable-rate mortgages
Explanation
The three-day right of rescission under TILA/RESPA applies to refinancings and non-purchase home equity loans on a principal dwelling. It does NOT apply to purchase money mortgages used to buy a home.
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