A mortgage refinance usually is not funded until three days after closing. This is because refinancing borrowers have a right to rescind -- cancel -- a mortgage transaction for up to three days after a closing.

How long do refinances take to fund?

The time it takes to refinance a mortgage always depends on several moving parts, such as credit checks, appraisals and your lender's capacity to handle loans. This process normally takes as few as 15 days but possibly as long as 45 days or more, with an average of 30 days to complete.

When refinancing do I get money back?

It's not that complicated, actually: With a cash-back refinancing, you get cash back at the loan's closing. These loans work best when you have decent equity in your home. Let's say you owe about $50,000 on your 30 year fixed-rate mortgage loan, and that you have five years left on the loan.