Smart Borrower Blog

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 […]

Read full article »

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 […]

more »

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 […]

more »

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 […]

more »

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 […]

more »

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 […]

more »

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 […]

more »

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

Majority of Millennials Have Faced Credit Rejection

Aug 29th, 2019 @ 9:23 AM by Amber Nelson

Millennials are reporting higher rates of rejection for loans than older generations, according to a study by YouGov for Bankrate.com. The study that polled 2,500 Americans found that roughly 6 out of 10 millennials (aged 23 to 38) say they have experienced a rejected application for car loans, credit cards, or mortgage loans. Most of […]

more »

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

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 […]

more »

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

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 […]

more »

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. […]

more »

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