Average Time for you to Close: 46 Days
But the average time to close on a mortgage looks like it’s settling at approximately 46 days, as outlined by Ellie Mae’s Origination Insight Report. The report shows that the time to close on a loan has remained at 46 days for the past three months. The average time to close a refinance also averaged 46 days.
Sixty-four percent of real estate professionals indicated their contracts were settled on time in August, while 30 % said they faced delays to settlement, and 6 percent saw their contracts terminated, in accordance with the latest REALTOR® Confidence Index, a survey sent to in excess of 50,000 real estate practitioners.
The biggest issues affecting a contract delay were the process of obtaining financing, the appraisal, and a home inspection, based on the survey. “The fraction of delays resulting from appraisals has increased recently, in part because of a shortage of appraisers and other issues as reported by REALTORS® (e.g. being asked to make ‘inspections’),” the report states.