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.
Disclaimer: The opinions expressed in the Contributed Articles section of this website may have been contributed by independent third parties and are not necessarily those of Envision Lending Group / Refinance One. Any enquiries regarding the content of these articles should be directed at .
Get More Information. Call Toll Free (800)515-8443
- 30 Year Fixed Refinance with option to Defer Interest for up to 10 years.
- 1.95% Minimum Payment, Interest Only, 30 Year Fixed & 15 Year Fully Amortized Pay Options.
- Perfect for refinancing out of an Adjustable Rate Mortgage or controlling positive & negative amortization.
- Self Employed, Business Owners, Stated Income OK.
Get Approved for a Fixed Refinance Online
- One Percent or Lower than One Percent Mortgage payment with Deferred Interest Payment Option for 3, 5, 7 or 10 Years Fixed Rate.
- 0.25% Start Rate available in California & Florida, Lowest Minimum Payment in the Industry (1% Mortgage start rate other States).
- 135% Negative Amortization Cap allows you to defer more interest than any other loan to maximize longer term cash flow.
Get Approved for a 1 Percent Mortgage Online
- Designed by High Net Worth Individuals for High Net Worth Individuals.
- Whether you are refinancing a $1 Million Dollar Mortgage or purchasing a $40 Million Dollar Property, no other dedicated group serves the jumbo & super jumbo mortgage needs of the Investor, Business Owner, Self Employed Person, Doctor, Lawyer, Sports Professional, Entertainer & Trust Fund or Passive Income Earner better than R1's Private Client Group.
- Absolute Discretion & Privacy. Seamless integration with your financial staff & service providers.
- Specializing in Multi Million Dollar Mortgage financing with Deferred Interest ( 1% Mortgage ) & Interest Only payment options used in the Construction, Purchase or Refinancing of Luxury Homes, Investments & Unique Property.
- Unlimited Cash Out Refinance option available to cash out tax free* profits from appreciation of home equity.
- Capital Gains Tax Maximizer* Negative Amortization 1% Mortgage Option ARM loans
- Pledged Asset Mortgages allow 100% no money down financing on multi million dollar property
- Affinity Partnerships available for Luxury Home Developers, Luxury Home Realtors & Real Estate Agents specializing in Luxury Homes, Multi-Gnerational Family Office, Wealth Management Professionals & Financial Advisors, Trustees & CPA / Accountants seeking financing for their clientele.
Visit the R1 Private Client Group
Commercial Loan & Apartment Loan Programs
- $1MM to $250MM+ Commercial Loan programs available
- Apartment Loans from 8 unit multifamily properties to 500+ unit
- Commercial Refinance & Commercial Cash Out Refinance (Unlimited)
- Non Recourse Conduit Loans & Conduit Loan Alternative non-CMBS Financing from $1MM to $500MM
Visit the Commercial Lending Group
Specialty Mortgage Solutions Featuring:
- Flexibility. Stated Income, No Income, even 30 Year Fixed Rate w/ 1.95% Cash Flow Option available!
- Expert Advice. Your needs are specialized, so consult with specialists
- Speed. Get approved, closed and funded as fast as 7 days.
- At YOUR Service. We can come to your home to close your loan.
- Call Us Today! (800) 515-8443 to find out more!
* R1 does not provide any information that may be construed as legal or tax advice. Please consult your legal or tax professional for more information about what options may be available to you under your governing law.
Fixed Refinance, Fixed Rate Refinance, Conduit Loans, Dhami Law, Apartment Loans, One Percent Mortgage, Negative Amortization, Luxury Home Mortgage, Super Jumbo Mortgage, Fixed Option ARM, Refinance 1