The number of days outlined in this video, to close a Real Estate Transaction, are accurate. Thanks to recent government regulations (TRID), the time to close a loan has indeed lengthened. Even though we always build this into the closing time frame in a Purchase Contract, I always explain to both Home Buyers and Home Sellers, that you must now prepare for your closing date to be uncertain and to expect contract extensions. By the way, interest rates are still remarkably low, good news for both buyers and sellers!
Video Transcript: Home Loan Closing Timeline Averages 50 Days
Welcome to today's home update I'm Dynelle. Recently effective regulation has impacted the real estate transaction time line, extending the time needed to close a loan to an average of 50 days, according to a recent Ellie Mae report. For home buyers and sellers this underscores the need for a real estate professional well versed in the loan process. According to Jonathan Core, president and CEO of Ellie Mae, the organization continues to see the time to close lengthen month-over-month, recently reaching 50 days which is up four days since TRID regulation went into effect last October. The Ellie Mae report shows the average time to close a conventional loan is 49 days. The average time to close a purchase loan is 51 days. The average time to close a refinance loan is 48 days. The average time to close an FHA loan is 51 days. The average time to close a VA loan is 53 days. Ellie Mae data also show that the average FICO credit score on closed loans is decreasing, down recently to 719 from 722. The average FHA Refinance FICO score declined as well, down - 645 from 651. Thanks for watching today's home update. See you next time!
