After settling back around 46 days, the time to close a loan is starting to tick higher again, getting close to this year’s high, according to the latest Origination Insight Report from Ellie Mae.
The most recent report stated it took 49 days on average to close a loan in November. Separated out, time to close came in at 51 days for refinance loans and 47 days for purchase. Read Article
Average metro Denver condo price approaches $300K, led by hot luxury market (Photos)
The average price of attached homes, or condos and townhomes, in metro Denver crept closer to the $300,000-mark in November, increasing by 7.4% year-over-year to $296,919, according to DMAR. The median price for an attached home in November was $249,312, a 12.8% increase over the same month in the previous year. Attached home inventory rose by 12.6% year-over-year to 1,261.
Read article – Denver Business Journal
Down Payment Gift? Follow these guidelines. Many first-time home buyers receive down payment assistance from a family member or close friend, but they may not realize there are specific guidelines they must follow when they take money from others for a home purchase. To begin with, the down payment must be considered a gift. If it’s considered a loan, your buyers may then qualify for less than they may have needed to. The person who gifted the money will need to state on paper that he or she does not plan on asking for the money back in return and that it is, indeed, a gift. Read article – Realtor Magazine