Scam Alert: Fraudsters posing as Sunflower Bank employees are contacting customers. Never share login IDs, text codes, or card details with anyone who contacts you. If you receive a call, text, or email, with a request for your Sunflower Bank account information, do not respond. Instead contact us directly using a trusted phone number.
Signed, Sealed, Not Always Delivered
05/15/24
What if you refinance your mortgage and the next day decide you made a mistake? The Right of Rescission is a protection given to borrowers under the Truth in Lending Act. It lets you cancel the loan within three business days of signing the loan documents. In effect, rescission gives you a little extra time to consider your new loan − it's like a "cooling off" period.
Not all loans qualify, though. The loan must be to refinance a loan on your home with a new lender or a refinance where you will take cash out. The right of rescission does not apply in all cases where your home is used as collateral for the loan. You do not have the right of rescission when you apply for a loan to purchase or build a home or when you refinance with the same lender (and you don't take cash out). But if you are borrowing more money or refinancing with a new lender you can cancel the transaction within three business days. Typically, the lender has twenty business days to return most and sometimes all of the fees you were charged.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.