Right Of Rescission

You just wanted to get some cash. But, while you were waiting in line for your bank's ATM, the fast-talking guy in the suit started spouting off to you about the benefits of a home equity loan. Before you knew it, you were in his office signing papers. Now, it's a few hours later, and you're thinking "What did I do? I don't want that loan..."

But...you're stuck with it, right? You signed the papers. The deal is done. Well, not quite. There is something called the right of rescission.

It's part of the Truth in Lending Act, and it gives you three days from closing to pull out of a line of credit or home equity loan. If you feel like you've made a mistake, you can cancel the loan...as long as the three-day window hasn't expired.