Time to Close for Millennials Swings From State to State

The average time it took millennial mortgage borrowers to close a loan was 44 days in July, but swung from state to state, according to Ellie Mae®’s recently released Millennial Tracker™, a measure of millennial mortgage applications. Closing a purchase loan took 42 days, while closing a refinance loan took 46 days. Time to close […]

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Millennials Bank More on Conventional Mortgages

More millennial homebuyers are obtaining conventional financing over FHA financing, relying less on government-backed loans, according to the latest Ellie Mae Millennial Tracker™. Conventional and FHA—the most common types of mortgage loans for millennials—comprised 63 percent and 32 percent of millennial loans, respectively, in June. “Conventional and FHA loans make up the vast majority of […]

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Gen Xers Borrowing More So Than Millennials

Mortgage borrowers today are more often Gen X than millennial, according to a recent survey by NAMB – The Association of Mortgage Professionals. The majority of NAMB members surveyed reported millennials account for only as much as 25 percent of their customer base, compared to Gen Xers who comprised as much as 75 percent. “There’s a […]

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Time to Close for Millennials Tapers to Fewest Days in a Year

The average time it takes millennial mortgage borrowers to close a loan tapered off to 44 days in February, the shortest time period since March 2016, according to Ellie Mae®’s recently released Millennial Tracker™, a measure of millennial mortgage applications. Closing a purchase loan took two days less than the average at 42 days, while […]

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