Should I cancel my mortgage refinance?

Law gives borrowers 3 days to back out of deal

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Under the Federal Truth in Lending Act, borrowers who refinance a loan on their primary residence with a lender other than their current lender can cancel the deal at no cost to themselves within three days of closing. This "right of rescission" is designed to give borrowers who may have been sweet-talked into a transaction an opportunity to think it over and, if they decide the deal is not really in their interest, to back out. The right of rescission is only valuable to borrowers if they use the 3-day period to reflect on all the costs and benefits of the transaction, preferably having it scrutinized by an objective third party. My own experience suggests that this rarely happens. I receive very few letters from refinancing borrowers soliciting my help within the 3-day period. I receive many letters from borrowers, long after their rescission period ended, asking what recourse they have against the loan provider who abused them! A third party can never say conclusively that a parti...