Smart Borrower Blog

Small Business Loan Approvals Continue to Reach New Heights

Nov 13th, 2019 @ 11:07 AM by Amber Nelson

With a growing economy and an ultra-low unemployment rate, lenders were more willing to approve small business loan applications in October, according to data from Biz2Credit. “With yet another interest rate cut by the Federal Reserve, small businesses are benefiting from positive economic conditions that are unrivaled in recent times,” said Biz2Credit CEO Rohit Arora. […]

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Mortgage Volume Unchanged Amid Lower Rates

Nov 6th, 2019 @ 2:36 PM by Amber Nelson

Long-term U.S. mortgage interest rates fell in the latest week, but it was not enticing enough to bring borrowers to the mortgage table, according to data from the Mortgage Bankers Association. The MBA’s mortgage application index fell 0.1% during the week ended November 6, 2019, with a 2% increase in refinance requests being offset by […]

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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.

Fed Makes 3rd Rate Cut in 4 Months

Oct 30th, 2019 @ 1:01 PM by Amber Nelson

The Federal Reserve cut its target interest rate again Wednesday, the fourth decrease since July. The move was likely a hedge against mounting international financial trouble and brewing domestic slowing. The new federal funds rate range is 1.5% to 1.75%, representing a cut of 0.25%. Even though the U.S. economy is still in the midst […]

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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.

Average Car Loan Term Tops 69 Months

Oct 24th, 2019 @ 12:49 PM by Amber Nelson

U.S. auto prices are rising, pushing car loan terms to new limits, according to credit reporting bureau Experian. The average loan for a new car grew to $32,119 in the 2019 second quarter, an increase of about 33% over the past ten years. The average loan for a used car increased to $20,156. Total U.S. […]

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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.

Low Mortgage Rates Squeeze Housing Inventory

Oct 16th, 2019 @ 9:39 AM by Amber Nelson

Lower mortgage interest rates have increased demand for housing, pushing current market inventory down 2.5% in September, according to Realtor.com. That’s a significantly bigger decline than August’s 1.8% decrease. And the housing supply could drop even farther in coming months. Long-term mortgage interest rates have dropped to 3.5% from 5% just a year ago. That […]

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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 Approvals Hit Record High at Big Banks, Record Low at Credit Unions

Oct 9th, 2019 @ 10:20 AM by Amber Nelson

Big and small U.S. banks continued to keep the small business lending spigot wide open in September, according to data from Biz2Credit, resulting in record high approval rates. The Biz2Credit Small Business Lending Index showed that big banks – those with $10 billion or more in assets – approved 27.9% of all small business loan […]

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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.

Average American Credit Card Debt Tops $8,600

Oct 3rd, 2019 @ 1:12 PM by Amber Nelson

Americans continue to rack up credit card debt, according to a new survey from WalletHub, bringing the new average credit card debt to $8,602 per household in the 2nd quarter, a 5% increase from the year before. U.S. consumers added $35.6 billion in new credit card loan debt in the 2nd quarter, the largest second […]

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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.

Lower Mortgage Rates Pushed August New Home Sales Up

Sep 25th, 2019 @ 9:43 AM by Amber Nelson

Sales of new U.S. single-family homes jumped 7.1% in August, according to the Commerce Department, bolstered by lower mortgage interest rates. Sales outpaced predictions by economists surveyed by Reuters, who had forecast they would grow by just 3.5% last month. New home sales rose to a seasonally adjusted annual rate of 713,000 in August, up […]

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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.

Texans Carry Most Auto Loan Debt

Sep 18th, 2019 @ 10:23 AM by Amber Nelson

Everything is bigger in Texas, including car loan debt, apparently. According to a recent study from credit bureau Experian, out of the top 25 U.S. cities with the highest average auto loan debt in the second quarter, 24 of them were in Texas. Midland, Texas ranked number one, with residents owing an average of $33,847 […]

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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 Approvals Continue to Hit Record Highs

Sep 11th, 2019 @ 12:24 PM by Amber Nelson

As the economy continues to chug forward, banks big and small are willing to loan more money for small businesses, with loan approvals rising to record highs again in August. According to data from Biz2Credit, big banks – those with $10 billion or more in assets – approved 27.8% of all small business loan applications […]

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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.

Mortgage Applications Decline Again Amidst Lower Rates

Sep 4th, 2019 @ 8:23 PM by Amber Nelson

Even though long-term mortgage interest rates fell last week, demand for home mortgage loans continued to drop, according to data from the Mortgage Bankers Association. The MBA’s mortgage application volume index decreased a seasonally adjusted 3.1% in the latest week. On a yearly basis though, application demand is up 62%. The drop was led by […]

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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.