Quick Answer
Usually, yes. For most loans on the home you live in that aren't used to buy it, such as a home equity loan, a HELOC or a refinance with a new lender, you can cancel until midnight of the third business day after closing. Cancel in writing. Loans to buy a home can't be canceled.
Which loans can you cancel?
The right covers most loans secured by your principal home that aren't used to buy it. Home equity loans, HELOCs and refinances are the usual examples. For a HELOC, it applies when you open the line and when your limit is raised, not each time you draw within your limit.
A loan to buy or build your home has no right to cancel. Neither does a refinance with your current lender, unless you borrow more than you still owe; then the right covers the extra amount.
How long do you have?
Until midnight of the third business day after the latest of three things: closing, receiving the notice of your right to cancel, and receiving the required loan disclosures. Saturdays count as business days. Sundays and federal holidays don't.
If the lender never gave you the notice or the required disclosures, the right can last up to three years after closing.
How do you cancel?
In writing. A phone call or a visit to the lender doesn't count. Follow the instructions on the notice you received at closing, and keep a copy of what you send and proof of when you sent it.
What happens after you cancel?
The lender must return any money or property you paid within 20 calendar days of getting your notice. You may waive the waiting period only for a real personal financial emergency, with your own written statement; lenders can't use printed waiver forms.
Common Questions
Do Saturdays count toward the three days?
Yes. For the right to cancel, business days include Saturdays but not Sundays or federal holidays.
How fast do I get my money back if I cancel?
The lender must return any money or property you paid within 20 calendar days after it receives your cancellation notice.
Sources
This guide is general information, not advice about your situation.