Right of rescission allows you to back out of a loan - 2004-03-06
Federal law provides you a cooling-off period when you get a home equity loan or line of credit, or when you refinance with another lender.

The right of rescission is not available for all mortgages. Most importantly, there is no right of rescission for a mortgage made to buy a house. Borrowers and lenders can get tangled up in whether a mortgage is a purchase loan.
Read the full story at Bankrate.com

Be careful with home equity debt - 2004-03-06
Spring is the season when homeowners shake the money trees that they reside in. It's the time of year when people borrow against the equity in their homes.

As a homeowner, you have four ways to tap your home's equity. First, you can sell your house, buy a cheaper one and pocket the difference. Second, you can refinance your mortgage, preferably at a lower rate, and borrow more than you currently owe and pocket the difference.
Read the full story at Bankrate.com