If you’re refinancing your home, you have the option of taking cash back on the new loan. You can’t get this cash back on settlement day, though. Lenders are required by federal law to give you three days to think about the transaction and to rescind the loan if you so choose.
Once that three-day waiting period is over, they will provide the proceeds to us. We can then release the funds to you. The three-day period starts the day after you sign the papers, and includes business days and Saturdays but not Sundays and bank holidays.