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Difference Between Home Loans’ Wet State And Dry State
Believe it or not, within the real estate industry, these terms do not concern the sale or distribution of alcoholic beverages. It pertains to the period where a new buyer can take over a new property as soon as the mortgage is regarded as closed.
“Wet payment laws” require that lending banks pay out funds during a certain timeframe as soon as the closing date of the mortgage, which may change according to the specific state in which the loan was taken out. Laws vary and disbursement time can range from the day of payment to within two days of closing. Deliberately invented to shield the consumer against bank fraud, these laws prevent lending banks to delay funds dispersal after the necessary papers have been signed.
Slang expressions, “wet funding” and “dry funding” concern the state where the funding began. “Dry” states refer to those states where the paperwork required to officially close a loan does not need to be concluded on the day of closing. Wet funding is stricter and requires that all the necessary documents needed to close the loan must be ready and approved at the period of closure.
Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, Oregon and ... more

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