Wet Loan

"Splish splash, I was getting a mortgage, all about a Saturday night..."

A wet loan is a mortgage that helps the borrower buy some property quickly, allowing the buyer to complete all that paperwork and other processes after the deed of buying is done.

Since all that paperwork is there for a reason (you want to make sure you know what you’re getting into with the probably-most-expensive-purchase of your life), some states don’t allow wet loans at all.

If you do get a wet loan, you get your hands on the money as soon as you finish the loan application. The things that make sure you don’t get screwed over, like a property survey and title search, are done after the property is already bought.

Why is it called a wet loan, anyway? Well, it all happens so fast, the ink is still wet when the paperwork is submitted to the lawyers.

Splish, splash...