Time to close home loans for millennials varied widely

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HOME BUYING PROCESS with VA LOAN 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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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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The time it took for Millennial homebuyers in the US to close loans sped up in February to its fastest pace in nearly a year. Ultimately, this could be a good indicator that more Millennials are entering into the market as first-time buyers, according to a new report released earlier this week by the mortgage processing tech company Ellie Mae.

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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.

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