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Financing Practice Question

The right of rescission under TILA applies to:
A
All residential mortgage loans
B
Purchase money mortgages on primary residences
C
Refinances and home equity loans on primary residences
D
Investment property loans only
Explanation

The 3-day right of rescission under TILA applies to refinances and home equity loans secured by the borrower's primary residence. It does NOT apply to purchase money mortgages or loans on investment properties or second homes.

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