Time to close home loans for millennials varied widely

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In regard to loan purpose, the average time to close a purchase loan for Millennials held steady at 42 days from June to July. Surprisingly, average days to close refinance loans decreased from an average of 48 days in June to 46 in July, despite a slight increase in refinance activity.

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Millennials who need to qualify for home loans without a lot of money upfront may want to look at longer-range loans, says Liu. "A 30-year mortgage loan is easier to afford because the monthly payment will be lower than a shorter term, like a 15-year mortgage," he shares. For John, the FHA mortgage was the best choice.

The time to close a loan varied significantly from the East Coast to the West Coast in July, as New York’s average number of days nearly doubled that of California, according to a new report.

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The average time to close a conventional loan remained unchanged from June at 43 days, while average closing time on FHA loans increased one day to 44 in July. Those averages could be higher or lower depending on the state, for example – 60 days in New York, 40 days in California, and 46 days in Florida.

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Why to have a Home Loan and Never make an early Payment? According to the ellie mae millennial tracker, the average time taken to close was 39 days, the best yet and down from 41 days in February.

Ellie Mae also found that during the month, the average days to close a loan for millennials varied widely by state. New York posted average days to close of 60 days, while Florida recorded a 45.

Millennials. TODAY-provide loan officers with the ability to share and compare purchase and loan options through their total cost analysis app. The home-buying process is complex, and the average.

Earning Potential. Millennials have 300% more student loan debt than their parents, are half as likely to own a home than a young adult was in 1975, and will likely not be able to retire until age 75. rising student loan debt has also played a role in declining homeownership among the demographic.