Compare Mortgage Quotes

Guest

I need some clarification. I understand that Maryland is a Wet State as far as purchases go, but is it a Wet State for refinances?? My concern is that if the docs are drawn for a Tuesday, then for a purchase, they have to be signed on that Tuesday. But for a refinance, if the docs are dated for a Tuesday, can they be signed on Wednesday and then still fund after the 3 day right to cancel??

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

what exactly is a "wet state"? I take it that it has nothing to do with weather?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Accordign to this law the agents are required to relase the funds on or before closign date

This assures the seller that they will recive the payment on closing

jenkin7 · Posted: Wed Sep 30, 2009 12:17 am Post subject:

Hi clenard,

As far as I know, Maryland wet settlement laws are applicable to both purchase and refinance transactions. This means the docs have to be signed on the same date when they are drawn. The funds also need to be disbursed on or before the closing date of the refinance. This is a requirement for both purchases and refinances.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Maryland wet state for refinances?