Time to close the deal, sooner than later

closingREALTORMag

The average time to close on all mortgage loans dropped to 44 days in March, the shortest amount of time in a year, according to Ellie Mae’s latest Origination Insight Report.

New mortgage rules went into effect last October, pushing closing timelines from 46 days in October to 48 days in November and December, and then to 50 days in January. But lenders and real estate professionals have had time to adjust to the new rules, and closing times are speeding up again.

The average time to close on a loan for a home purchase fell to 45 days in March, while closing times for refinancings dropped to 41 days. Times to close on FHA loans also fell to 44 days in March, while VA loans averaged 48 days to close.

Continued:

Share this!

Additional Articles

Goodyear approves land purchase

By Mary Goldmeer | YourValley The Goodyear City Council unanimously approved a proposal to purchase a 13-acre parcel for $8.4 million. The acquisition, is planned to support future expansion

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.