what is the penalty from withdrawing from a refinance after already committing to it?

There is no "Penalty" per say, but any funds you have already paid might not be refunded back to you.. Appraisal fee's, credit report fees, application fee's etc.. if you have paid any of these fees, you might not be entitled to a refund.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

William answered the question well. While he lends in AZ only I can lend to you. www.LechelMortgage.com I look forward to hearing from you.

There should not be any penalty. That is the whole point of the recission period. You may be charged for the appraisal and any fees that the lender incured via third parties. They may also charge you an application fee for the company.

With the exception of fees already paid outside of closing, there is no penalty unless the brokerage agreement that you signed is enforceable. If you do intend to cancel, make sure to give proper notice and notify the title company accordingly. As a courtesy, make sure to call the loan officer and explain why you intend to rescind your loan as there may be an amiable solution without cancellation. Good luck.

If your within the 3 day rescission period the lender has to make you whole, meaning refund any fees charged to you during the loan process.? 226.23 Right of rescission.(a) Consumer's right to rescind. (1) In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction, except for transactions described in paragraph (f) of this section.47(2) To exercise the right to rescind, the consumer shall notify the creditor of the rescission by mail, telegram or other means of written communication. Notice is considered given when mailed, when filed for telegraphic transmission or, if sent by other means, when delivered to the creditor's designated place of business.(3) The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures,48 whichever occurs last. If the required notice or material disclosures are not delivered, the right to rescind shall expire 3 years after consummation, upon transfer of all of the consumer's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with section 125(f) of the Act.(4) When more than one consumer in a transaction has the right to rescind, the exercise of the right by one consumer shall be effective as to all consumers.(b)(1) Notice of right to rescind. In a transaction subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act). The notice shall be on a separate document that identifies the transaction and shall clearly and conspicuously disclose the following:(i) The retention or acquisition of a security interest in the consumer's principal dwelling.(ii) The consumer's right to rescind the transaction.(iii) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor's place of business.(iv) The effects of rescission, as described in paragraph (d) of this section.(v) The date the rescission period expires.(2) Proper form of notice. To satisfy the disclosure requirements of paragraph (b)(1) of this section, the creditor shall provide the appropriate model form in Appendix H of this part or a substantially similar notice.(c) Delay of creditor's performance. Unless a consumer waives the right of rescission under paragraph (e) of this section, no money shall be disbursed other than in escrow, no services shall be performed and no materials delivered until the rescission period has expired and the creditor is reasonably satisfied that the consumer has not rescinded.(d) Effects of rescission. (1) When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void and the consumer shall not be liable for any amount, including any finance charge.(2) Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given to anyone in connection with the transaction and shall take any action necessary to reflect the termination of the security interest.