Smart Borrower Blog

Home Purchase Mortgage Demand Rebounds 54% From April

May 27th, 2020 @ 1:12 PM by Amber Nelson

U.S. homebuyers did not let the COVID-19 hold them back for long. Mortgage applications to buy a home have risen dramatically for each of the past six weeks, with a 9% increase in the past week alone, according to the Mortgage Bankers Association. Home purchase applications have now bounced back 54% since early April when […]

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Consumer Credit is Stable…For Now

May 20th, 2020 @ 3:34 PM by Amber Nelson

The number consumer credit accounts in serious delinquency was relatively unchanged in April on a yearly basis, according to a new TransUnion report, but the numbers may not represent the full situation. During April 2020, credit card delinquencies of 90 days or more rose to 1.87%, from 1.78% the year before. Serious delinquencies on mortgages […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Auto Dealers Offer 7-Year Loans as Coronavirus Dampens Sales

May 13th, 2020 @ 6:15 PM by Amber Nelson

U.S. auto dealers are making longer loans than ever with huge incentives in order to lure in reluctant buyers during the COVID-19 crisis. Car sales fell 80% below their expected levels in March as shelter-in-place went into effect in many parts of the country.  To woo buyers back, dealers have been offering 0% interest loans […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Small Business Loan Approval Rates Plunged in March

May 6th, 2020 @ 2:36 PM by Amber Nelson

As the coronavirus outbreak shutdown businesses across the country, banks and lenders got skittish about making small business loans, according to data from Biz2Credit. The Biz2Credit Small Business Lending Index found that big banks – those with $10 billion or more in assets – approved just 15.4% of submitted small business loan applications in March, […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Home Loan Requests Jump as Buyer Reenter Housing Market

Apr 29th, 2020 @ 11:54 AM by Amber Nelson

Even though total mortgage application volume fell, home purchase loan requests climbed 12% in the latest weeks, according to the Mortgage Bankers Association. At the same time both mortgage rates and refinance applications fell. As several states reopened from coronavirus stay-at-home orders, home buyers seemed to resurface everywhere, in what could be a indication of […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Student Loan Borrowers Get Some Coronavirus-induced Respite

Apr 22nd, 2020 @ 3:28 PM by Amber Nelson

Some 42 million Americans are getting an interest-rate breather on their student loans right now, thanks to a Trump administration action that eliminated federal loan interest charges during the COVID-19 crisis. President Donald Trump announced the decision back on March 13 when he declared a national emergency. “To help our students and their families, I’ve […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Refinance Applications Surge as Rates Fall Again

Apr 15th, 2020 @ 1:25 PM by Amber Nelson

Total U.S. mortgage applications rose last week, as interest rates tumbled to their lowest point on record, according to the Mortgage Bankers Association. The MBA’s mortgage application volume index rose 7.3% during the week ended April 15, 2020. That was led by a 10% weekly increase in refinance requests. Refinance volume was up 192% over […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Coronavirus Tanks Auto Sales

Apr 9th, 2020 @ 10:33 AM by Amber Nelson

Total U.S. car sales in March hit their lowest level in nearly a decade, according to Standard & Poor’s, another financial victim of the coronavirus shutdowns across the country. Sales fell 32% from February as many dealership showrooms were temporarily closed and most states were put on stay-at-home orders. The last week of March showed […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Small Businesses Can Get Coronavirus Relief from New Federal Paycheck Protection Program

Apr 1st, 2020 @ 1:16 PM by Amber Nelson

The economic fallout from the coronavirus measures is affecting millions of small businesses across the country. In an effort to keep them afloat, a new $350 billion small business program begins Friday as part of the multi trillion-dollar CARES Act economic rescue bill enacted last week. The Payroll Protection Program (PPP) is available for all […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

One-third of Americans May Fall Behind on Credit Card Bills, Thanks to Coronavirus

Mar 28th, 2020 @ 9:00 PM by Amber Nelson

With millions of Americans ordered to stay at home during the coronavirus outbreak, many have lost jobs or seen their hours drastically reduced. The result could be that credit card debt could rise even faster, according to a new survey by WalletHub. The survey found that roughly 67 million, or almost a third of adult […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Facebook to Offer $100 million in Cash Grants to Small Businesses

Mar 18th, 2020 @ 9:30 PM by Amber Nelson

Facebook Inc announced Tuesday a new $ 100 million program to aid small businesses around the world affected by the coronavirus outbreak. “We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.