Time to close home loans for millennials varied widely

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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.

PLEASANTON, Calif. – September 6, 2017 – While homebuyers compete for limited inventory and mortgage lenders strive to close home loans faster than ever before, data shows average days to close loans vary widely across the U.S. In July, average days to close a loan for Millennial borrowers fluctuated from state to state, with New York averaging 60 days to close, California 37 days.

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People shared stories of their challenges with saving while paying student loans, caring for children and struggling. though savings levels varied widely. Close to 40 percent of participants had.

One in three millennials said an increase of 15 percent or less in income will be enough to turn them into homebuyers, a significant proposition for the economy. Because mortgage lenders use debt-to-income to evaluate a borrowers’ ability to repay a loan, student debt is a growing burden on millennials interested in financing a home.

She talked with Dan Green, CEO of Growella, an online publisher that helps Millennials. is still widely recognized as the top consumer-focused mortgage blog in the country. The site offers unbiased.

Closing Times for Millennials' Mortgages Becomes Faster – Millennials are not known to sit around and wait for things to happen, and that need for speed appears to extend to their home loan originations. The closing time for the mortgages of Millennial borrowers decreased to 44 days, the shortest average time to close since March 2016, according to new.

Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and.

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