A federal consumer protection measure known as the right of rescission, which is part of the Truth in Lending Act, protects consumers from ill-intentioned lenders and from their own poor decisions.
If you discover that you've made a bad decision after signing the closing documents for a mortgage refinance, you have until the midnight after three full business days to get out of your contract.
The rescission period also explains why your loan will not fund the same day you close. Loan proceeds cannot be disbursed to the consumer until the rescission period has expired.
Learn more about the right of rescission and how it works in my Interest.com article, Undo a bad refinance with the right of rescission.