Millennials race to refinance on lower mortgage rates, shrink closing times

Once these young buyers build some equity, they can refinance their FHA loan to a conventional loan to drop the expensive MI and maybe even get a lower mortgage rate. The transaction mix for conventional loans was still purchase heavy at 87%, but refis made up a more sizable 12%.

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Josh Alpert, founder and president of Alpert Retirement Advising in Royal Oak, MI, agrees with that take on why millennials won’t refinance and adds, "Refinancing student loans to a lower interest rate requires credit and it is rather difficult for recent college graduates to have an excellent credit score." It’s not that they’ve.

It’s time to stop treating Millennials like specimens – shocked by their very existence – and learn how to talk to them about home buying and mortgage interest rates. Below are 7 tips that will help you educate and understand Millennial homebuyers before they make the biggest financial decision of their lives.

. as workers in 1973 they make more than 300 times as much today, according to Holly Sklar, author of “Raise the Floor, Wages and Policies that Work for All of US.” To what extent those gaps will.

Ellie Mae, which processes almost a quarter of all US mortgage applications, defines a "Millennial borrower" as a person born between 1980 and 1999. Millennials took an average of 42 days to close purchase loans, and an average of 52 days to close a refinance loan in February – down 4 days and 6 days respectively from the previous month.

John Bell – Real Estate Agent in Charleston, SC – Reviews | Zillow Reviews & Feedback. Real Estate Deal Analysis and advice 137k posts 20k Discussions;. Real estate agent forums 51k Posts 7.4K. in most markets you don’t have to live within a certain distance, that’s only in a few places like Charleston, SC. All cities, and often historic districts have.

Rate Assumptions – Rates displayed are subject to change and assumes that you are buying or refinancing an owner-occupied single family home, debt-to-income ratios of 35% or lower, asset and reserve requirements are met, and your property has a loan-to-value of 80% or less.

U.S. mortgage activity picks up as loan rates tumble: MBA Home loan demand up as interest rates tumble.. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans.

Homeowners race to refinance as mortgage rates plunge. The possibility of locking in a lower rate, of course, doesn’t make refinancing a good idea for everyone.. stable mortgage rates are.