45 Days Is The New Closing Average

Dated: June 20 2016

Views: 1102

You should expect 45 days to close if you are financing a home mortgage for a home purchase, this wait is up from 44 days a month ago according to the most recent Origination Insight Report from Ellie Mae.   

 

Mortgage borrowers have maintained high credit scores, having over a 700 score or more in 82% of conventional loans.  Only 39%  of FHA borrowers had a credit score above 

700.

The amount of VA loans also increased to 49 days from 48 days.

All loans closing in May increased to 70 percent.   The closing rate of  refinancing closing were up to 67% while the closing rate for all loans rose to 70%.

New Originations for mortgages were for home purchases.  All closed loans that  were for Home purchases rose to 62% this past May.  This marks the first  it reached over 60% since the summer of 2015..

 

Latest Blog Posts

Spring Maintenance Tips

       Spring is the perfect opportunity for homeowners to prepare their property for the months to come.            Here are our top

Read More

My 3 Favorite Long Beach Island Rentals Of The Week

MY 3 FAVORITE LONG BEACH ISLAND RENTALS OF THE WEEKIt's time to find that perfect vacation rental for your #LBI2021Vacation on beautiful Long Beach Island!Looking for bayfront,

Read More

What Can You Do Right Now To Find A Rental On Long Beach Island

What Can You Do Right Now To Find A Rental On Long Beach Island?First, don't panic.  Even though it is true that it's harder than ever to find rentals at this point in the game, especially for

Read More

Real Estate And Your Wealth

Stock market booms come and go, but real estate typically remains a solid investment. In today’s market, owning a home — or two — is one of the best moves you can make for your portfolio.

Read More