HomeLoan InfoAbout UsContact UsCalculators

Licensed in all 50 states.
            

Wet state vs. Dry state

First of all, in regards to real estate and mortgage lending, this has nothing to do with alcoholic beverages! Rather, this refers to the laws and customs in different states regarding when a new mortgage loan is closed and when new buyers may take possession of the property.

"Wet States", states that have "Wet Settlement" laws, require lending banks to disburse funds within a period of time. Depending on the states' Wet Settlement laws, some require the disbursement of funds to the sellers and other involved parties on the day of the settlement, others within 2 days of closing. Wet Settlement laws are in place to curb the bank practice of delaying funding after closing documents have been signed by the borrowers.

All of the prior to funding conditions must be met in order for the lender to allow doc to go to closing in Wet States.

Loan Information
Loan Type Estimated Loan Amount
Loan Program Property Value
Property Type Estimated Credit Rating
Property Use  
Contact Information
First Name Address
Last Name Email address
Home Phone - - Zip
Work Phone - - Best Contact Time?
    Additional Info

 

What would you like to do?

Refinance

Purchase

Consolidate Bills

Mortgage Resources

Mortgage News

Morgage Library

Mortgage Blog

Sign up for our newsletter

First Name
 

Last Name
 

Email
 

 

 

Home About Us Contact Us  |  Phone: 801-884-8769
            2005 - 2010 Lendermark.com. All Rights Reserved      Sitemap  Sitemap 2  
    

    
Links: Loan Officer | Getting out of debt | Second Mortgage Loans