Millennials are capitalizing on record low interest rates, accounting for 38% of refinances in March with average rates at 3.66%!
Interesting tidbit: Time to Close numbers are decreasing despite the surge and limitations lenders are facing due to covid-19. Why??
According to Joe Tyrrell, COO of Ellie Mae, “Technology is now more important than ever and lenders investing in the solutions necessary to manage their pipelines virtually are seeing success.”
Tyrrell also weighed in on the reason for this uptick among this generation:
“Educating millennials on the various loan types available is a priority for lenders, and seeing younger millennials securing FHA loans is a sign that lenders are making progress on this front,” Tyrrell said. “FHA loans tend to be a great option for younger borrowers as they require a smaller down-payment and have more flexible credit requirements than conventional loans.”
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