Dry Loan

The ink on the mortgage papers is now dry. Everything was signed. Okayed. Made coolio. Annnnnd then it's time for the money to be transferred.

That is, a dry loan is one wherein the papers are all dry and signed and documented before any money goes... anywhere.

Why would you want a dry loan? Well, if you're a bank, you'd love one, because they take away a lot of the risk that the buyer lied on her application or that some key disclosure (like that meth arrest in Rio in '16) wasn't made, which would otherwise kill the chance of the loan happening under the terms that were originally given.