Smart Borrower Blog

Home Purchase Requests Jump to 9-Year Record High

Apr 17th, 2019 @ 9:30 PM by Amber Nelson

Even as interest rates continued to climb, the number of applications for home purchases rose to the highest level since April 2010, according to the Mortgage Bankers Association. Total mortgage application volume decreased 3.5% during the week ended April 17, 2019, but was up 14% from the previous year. Home purchase requests rose 1% in […]

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Big Banks Approve Small Business Loans in Record Numbers

Apr 10th, 2019 @ 8:51 PM by Amber Nelson

March was a good month for getting a small business loan approved, according to data from Biz2Credit. The number of applications approved by big U.S. banks rose one-tenth of a percent to 27.3%, the highest percentage on record. “Approvals by big banks continue to climb,” said Biz2Credit CEO Rohit Arora. “With strong financials from 2018, […]

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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.

Americans Paid $113 Billion in Credit Card Interest

Apr 3rd, 2019 @ 8:53 PM by Amber Nelson

Americans are now paying almost double the amount of credit card interest as they did just five years ago. According to a study from MagnifyMoney, U.S. borrowers’ credit card interest totaled $113 billion in 2018, a 12% increase from the year before. It is predicted that consumers will pay as much as $122 billion 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.

FHA Cracks Down on Riskier Loans

Mar 26th, 2019 @ 4:10 PM by Amber Nelson

After noticing worrisome trends in its loan portfolio, the Federal Housing Administration is tightening requirements on its mortgage loans. Starting with loans assigned a case number as of March 18, the FHA will start flagging high-risk loan applications and put them through a manual underwriting process. The rest of its applications will continue to be […]

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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 Interest Rates Hit 10-year High

Mar 20th, 2019 @ 10:09 AM by Amber Nelson

Americans love their big trucks and SUVs and that affection is driving average auto loan interest rates to highs not seen in a decade, according to Edmunds. As vehicle prices continue to climb, lenders have been increasing the number of low or zero interest rate programs, which has in turn pushed overall new-vehicle auto 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.

Mortgage Credit Availability Rises in February

Mar 13th, 2019 @ 1:59 PM by Amber Nelson

Lenders made mortgage credit slightly easier to obtain in February, according to the Mortgage Bankers Association, being led by a loosening of jumbo loan standards. The MBA’s Mortgage Credit Availability Index (MCAI) inched to 180.1, up 0.6% from January. Increases in the index indicate loosening of mortgage standards while decreases signal tighter underwriting. The MCAI […]

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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 Lending Fell 9.7% in December

Mar 6th, 2019 @ 2:49 PM by Amber Nelson

U.S. small businesses pulled back on borrowing money in December 2018, according to recent data from PayNet, perhaps a sign of lower confidence in the overall economy. The PayNet Small Business Lending Index declined 9.7% in December from November, and 7% from the year before. That represents the first yearly decrease in more than a […]

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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 Falls to 18-Year Low

Feb 27th, 2019 @ 3:02 PM by Amber Nelson

U.S. mortgage borrowers kept up with their payments so well in the 2018 fourth quarter that the national mortgage delinquency rate fell to an 18-year low, according to the Mortgage Bankers Association. The seasonally adjusted delinquency rate on mortgages for one-to-four unit residential properties decreased to 4.06% of all home loans, down from 4.47% 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.

Household Debt Tops Pre-Recession High

Feb 20th, 2019 @ 9:58 PM by Amber Nelson

Americans owed $13.54 trillion in household debt as of the 2018 fourth quarter, according to data from the Federal Reserve Bank of New York, a 0.2% increase from the third quarter and the 18th straight quarterly gain. Total household debt has surpassed even the pre-recession peak of $12.68 trillion and is 21% higher than 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.

Serious Auto Loan Delinquencies Reach All-Time High

Feb 14th, 2019 @ 1:29 PM by Amber Nelson

More Americans are seriously delinquent on their car payments than ever before, according to new data from the Federal Reserve Bank of New York, a troubling sign amid a growing economy. Almost 7 million U.S. consumers are now behind on their auto loans by 90 days or more, the highest figure in the 19-year history […]

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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 Fall Despite Interest Rate Drop

Feb 6th, 2019 @ 10:43 AM by Amber Nelson

Mortgage application volume fell for the third consecutive week, even as interest rates took a dive, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted index saw mortgage application requests fall by 2.5% in the latest week and almost 10% from the previous year. Most of that decrease came from a 5% drop 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.