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rescission. n. the cancellation of a contract by mutual agreement of the parties. (See: rescind). See: abandonment, abolition, ademption, annulment, avoidance, cancellation, countermand, defeasance, discharge, dissolution, negation, repudiation, reversal, termination.
Right of rescission means you have 3 days after you close on a refinance to cancel or rescind your loan. This does not apply to just any mortgage. It only applies to refinances on owner occupied properties. Investor refinances do not have this option.