Finance
When a NC borrower refinances their home, TILA provides a 3-business-day right of rescission. This applies to:
AAll refinances and home equity loans on the primary residence✓ Correct
BOnly first mortgage purchase loans
CCommercial property loans
DVA and FHA loans only
Explanation
TILA's 3-day right of rescission applies to refinances and home equity loans (non-purchase money loans) secured by the borrower's primary residence, but not to purchase money mortgages.
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