Time to close home loans for millennials varied widely

In regard to loan purpose, the average time to close a purchase loan for Millennials held steady at 42 days from June to July. Surprisingly, average days to close refinance loans decreased from an average of 48 days in June to 46 in July, despite a slight increase in refinance activity. Overall, refinances edged up to 11 percent of all closed loans to Millennial borrowers in July, from 10 percent in June.

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You make a 10 percent down payment, you get a first loan to cover 80 percent of the home’s value, as well as a second mortgage which covers the other 10 percent. The second loan is basically a home equity loan. It’s called a "piggyback" loan because you close on that loan at the exact time when you make the purchase.

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The time it took for Millennial homebuyers in the US to close loans sped up in February to its fastest pace in nearly a year. Ultimately, this could be a good indicator that more Millennials are entering into the market as first-time buyers, according to a new report released earlier this week by the mortgage processing tech company ellie Mae.

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