Morning Briefing: Mortgages for millennials closing quicker

by Steve Randall06 Apr 2017

Mortgages for millennials closing quicker

The time taken to close home loans for millennials fell to its lowest in almost a year in February.

Data analyzed by mortgage tech firm Ellie Mae shows that loans for young buyers closed in an average 44 days with purchase loans taking 42 days, 4 days quicker than in January; and refinance loans closing in 52 days, down from 58 days. FHA’s took 43 days, down 4 days; and VAs fell from 57 days to just 41.

Purchase loans accounted for 86 per cent of all mortgages for millennials indicating a larger number of first-time buyers entering the market. FICO scores averaged 723.

 

Homebuilders highlight construction’s economic contribution

Residential construction was responsible for 15.6 per cent of US GDP in 2016, the US Commerce Department’s data shows.

Highlighting the contribution that homebuilders make to the economy, industry body NAHB says that building 100 homes in a metro creates 297 full-time jobs and generates $28 million in wage and business income. It also adds $11 million to the tax revenues at all levels of government.

"Our builders remain optimistic about the market for newly-built single-family homes and consumer confidence is strong, which should set the stage for a strong spring home buying season," said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. "Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families."

 

Patriot’s number 12 takes 12th floor home

New England Patriots quarter-backer Tom Brady wears the number 12 jersey and has decided that it’s the number that should also be his home.

Brady and wife Gisele Bundchen had opted for an 11th floor apartment in a luxury building at 70 Vestry in Manhattan, but PageSix.com reports that the couple decided during a tour of their under-contract home that they wanted to be on the floor above.

The 5-bedroom, 5.5 bathroom home has a 1,900 square foot terrace and will cost the couple $32 million. They will move in 2018 when the building is completed.

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