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Close

To close the transaction, in a mortgage context refers to the signing of mortgage documents by the borrowers.

Close step is different from Funding/Disbursement step, because for owner-occupied property refinance transaction, the three business days right of rescission applies, allowing mortgage applicants three business days to cancel the transaction even after closing and prohibits lenders from funding/disbursing the payoff until after the rescission period has lapsed.

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