MPOWER typically disburses refinanced loans within 10 business days after the rescission period ends. Here’s a clear breakdown of the process:

• Loan approval: After your refinance loan is approved, MPOWER prepares the funds for disbursement.
• Rescission period: There is a mandatory 4-business day rescission period after loan approval. During this time, you have the right to cancel the loan without any penalty.
• Funds disbursement: Once the rescission period concludes, MPOWER disburses the funds directly to your original lender to pay off your existing loan. The actual transfer to your lender may take up to 10 business days.

Disclaimer: These are general timelines and can vary based on individual circumstances and lender processing times.

Tips:

• Confirm payment: Follow up with your original lender to confirm that your previous loan has been fully paid off and that there are no remaining balances.

Request a No Objection Certificate (NOC): Request this certificate from your lender to ensure all debts are cleared.