The average time it takes millennial mortgage borrowers to close a loan narrowed again in March, down to 43 days from 44 days in February, 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 41 days, while closing a refinance loan took 49 days—both fewer days than in February.
The average time it took for millennial borrowers to close an FHA loan—one of the more popular types of loans for millennials—also dwindled, to 42 days in March from 43 days in February, according to the Tracker. The average time it took to close a VA loan, which dropped off sharply from 57 days to 41 days in February, extended again to 51 days.
Millennial borrowers’ average FICO score dipped in March, as well, to 720 from 723 in February.
Source: Ellie Mae