What is the average time to close?
According to FloridaRealtors.org, The time to close on a mortgage loan is leveling off at about a month and a half after fluctuating for months following last year’s implementation of the Consumer Financial Protection Bureau’s Integrated disclosure rules.
As the learning curve has passed, the average time to close on a mortgage seems to be settling at about 46 days. According to Ellie Mae’s Origination Insight Report, the time to close on a loan has remained at 46 days for the past three months. The average time to close on a refinance also averaged 46 days.
Sixty-four percent of real estate professionals said that their contracts were settled on time, while 30 percent said they faced delays to settlement, and 6 percent said their contracts were terminated, according to a survey by Realtor Confidence Index.
The biggest issues affecting a contract delay were issues related to obtaining financing, the appraisal and a home inspection.
