Time to Close for Millennials Swings From State to State

Time to Close for Millennials Swings From State to State

RECBL - Real Estate News

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(R)’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. The amount of time it takes to close, varied by state.

Borrowers in California are looking at a 37-day window and borrowers in New York are looking at a 60-day window.

"Between the competitive housing market with limited inventory and the 30-year note rate at a 2017 low, some millennial homeowners may be deciding to stay put and take advantage of the opportunity to refinance," said Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae, in a statement. "With many more millennials interested in becoming homeowners for the first time, however, the purchase market is still very strong."

The average time it took for millennial borrowers to close an FHA loan-one of the more popular types of loans for millennials-was 44 days, up by one day from June, according to the Tracker. The average time it took to close a VA loan was 50 days, up by five days from June.

Millennial borrowers’ average FICO score rose in July, to 724 from 723 in June.

Source: Ellie Mae

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Proximity to Family Drives Housing Decisions for Households With Children

Proximity to Family Drives Housing Decisions for Households With Children

Many upper-middle class households with young children are caught between an inability to afford childcare and an inability to sustain on one less income with a stay-at-home parent-a predicament that has a driving force on their housing decisions.

According to the Zillow Housing Aspirations Report (ZHAR), many upper-middle class households choose to put down roots close to relatives who can provide childcare, even more so than low-income households. Roughly one-quarter of upper-middle class household members surveyed for the report, as well, cite "proximity to family" as an influencer on their choice about where to live.

Low-income households do, however, struggle with childcare costs in pricey housing markets, such as San Francisco, Calif. Thirty-three percent of those surveyed overall depend on relatives for childcare.

Most households with young children are being pinched by a combination of higher housing costs and standstill income growth.

"Housing costs and childcare are among the two largest budget items for working families, costing as much $43,000 a year in urban areas and over $34,000 a year in the suburbs," says Dr. Svenja Gudell, chief economist at Zillow. "While many Americans are tied to the places they live for a variety of personal and financial reasons, its necessary for some households to live near family in order to make ends meet.

Sometimes extended family might move together to provide childcare, or grandparents might even follow their children when they move to a new city to help care for their grandkids."

For more information, please visit www.zillow.com.


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