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.

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