Smart Borrower Blog

Q2 Auto Loan Debt Hits Record $1.3 Trillion

Aug 21st, 2019 @ 2:39 PM by Amber Nelson

Americans now owe $1.3 trillion in auto loan debt, according to data from the Federal Reserve, a record high and a 4.8% increase from one year ago. The Fed’s Quarterly Report on Household Debt and Credit found that during the 2019 second quarter, new auto loans and leases increased by 2.9% for a total of […]

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Refinances Take Off as Mortgage Rates Tank

Aug 14th, 2019 @ 1:12 PM by Amber Nelson

In the wake of the plummeting interest rates, U.S. mortgage borrowers rushed to refinance in the latest week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage volume index rose 21.7% this week from the week before and 81% from the year before. Most of that growth came from an explosion in refinance […]

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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 Top Record High

Aug 7th, 2019 @ 8:54 PM by Amber Nelson

Big banks are approving a post-recession record high share of small business loan applications, according to the Biz2Credit Small Business Lending Index, while credit unions are approving fewer than ever. Big business loan applications were approved at a rate of 27.7% in July by big banks – those with $10 billion or mores in assets. […]

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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 First Rate Cut in a Decade

Jul 31st, 2019 @ 9:17 PM by Amber Nelson

The Federal Reserve voted today to lower its target interest rate by 25 basis point to a range of 2% to 2.25%, the first rate cut in 11 years. The Fed’s Federal Open Market Committee (FOMC) found that “the [U.S.] labor market remains strong and that economic activity has been rising at a moderate rate,” […]

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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.

Only Half of Borrowers Make Regular Student Loan Payments

Jul 24th, 2019 @ 9:44 PM by Amber Nelson

Only 54% of all U.S. borrowers with student loan debt make consistent monthly payments, according to a study from the JPMorgan Chase Institute, with the rest falling delinquent or making larger, less-frequent payments. Student loan debt has skyrocketed over the past 10 years, with outstanding loan balances doubling in that period. The Federal Reserve Bank […]

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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 Delinquency Rate Drops to 20-year Low

Jul 10th, 2019 @ 1:14 PM by Amber Nelson

American homeowners are staying current on their mortgage loans better today than they have for the past 20 years, according to data from CoreLogic. The national delinquency rate – the percentage of home loans that are past due by 30 days or more – fell to 3.6% in April. That is down 4.3% from one […]

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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 Stall as Rates Increase

Jul 3rd, 2019 @ 10:23 PM by Amber Nelson

Long-term U.S. mortgage interest rates rose in the latest week, according to data from Freddie Mac, without having much effect on home loan application volume. The average rate on a 30-year fixed-rate mortgage rose to 3.75% with 0.6 point, up from 3.73% the week before. One year ago, the average rate was much higher at […]

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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.

Prime Credit Consumers Turn to Used Vehicles

Jun 27th, 2019 @ 9:16 AM by Amber Nelson

As prices for new vehicles continue to hit record highs, U.S. consumers with great credit are choosing to buy used cars more often. According to data from credit agency Experian, during the first quarter of 2019, 61.8% of borrowers with prime credit and 44.7% of those with super prime credit scores took out loans for […]

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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.

Wealthiest Cities Have Highest Percentage of $10,000+ Credit Card Debt

Jun 19th, 2019 @ 8:46 PM by Amber Nelson

A new report from LendingTree’s CompareCards found that cardholders are most likely to have to have five-figure credit card balances if they live in the richest and largest U.S. cities. In fact one in six borrowers in the biggest cities have credit card debt of $10,000 or more. Bridgeport, Conn. topped the list of residents […]

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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 Rates Halt Decline in Latest Week

Jun 13th, 2019 @ 1:50 PM by Amber Nelson

As investor fears about international trade lessened, long-term U.S. mortgage interest rates held steady in the latest week after falling for the previous six, according to Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) was 3.82%, with an average 0.6 point during the week ended June 13, 2019, unchanged from the […]

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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.

PayPal Reaches $10 Billion in Small Business Lending

Jun 5th, 2019 @ 4:35 PM by Amber Nelson

PayPal announced that it has now made more than $10 billion in small business loans, an intriguing accomplishment considering its traditional reputation for payments rather than loans. Those loans were made to 225,000 small business owners around the world. PayPal has a presence in Australia, Germany and the UK. It also operated in Mexico in […]

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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.