Smart Borrower Blog

Auto Default Rates Hold Steady in June

Jul 18th, 2018 @ 9:10 PM by Amber Nelson

American car loan borrowers stayed on top of their payments in June at the same rate they did in May, according to data from the S&P Dow Jones Indices and Experian, the first time in six months that the default rate hasn’t changed on a monthly basis. Auto loan defaults made up 0.93% of all […]

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Mortgage Applications Jump as Home-buyers Seize their Opportunity

Jul 11th, 2018 @ 8:52 PM by Amber Nelson

As mortgage interest rates fell and real estate inventory declines slowed, more potential home-buyers applied for home loans this week, according to the Mortgage Bankers Association (MBA). The MBA’s Weekly Mortgage Applications Survey found that home purchase mortgage requests jumped by 7% in the latest week, bring total application volume up for the first time 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.

Refinance Applications Fall to 20-year Low

Jul 5th, 2018 @ 8:54 AM by Amber Nelson

Even though mortgage interest rates dropped in the latest week, home loan requests also decreased, with refinance applications dropping to one of their lowest readings in 20 years, according to the Mortgage Bankers Association. “Financial market volatility in response to continued worries about trade resulted in both lower mortgage rates and a drop in 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.

Credit Card Interest Rates Post 18-Year High

Jun 27th, 2018 @ 3:05 PM by Amber Nelson

American consumers are paying higher interest rates on their credit cards than they have in roughly 18 years, according to data from LendingTree.com, and they may pay even more before the end of the year. The average credit card rate today is 15.3%, based on information from LendingTree.com’s CompareCards.com, the highest level since 2000. Back […]

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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 Highs

Jun 20th, 2018 @ 7:02 AM by Amber Nelson

Big banks and institutional lenders posted record high approval rates in May for small business loans, according to data from Biz2Credit, a sign of a happy and growing economy. Big banks – those with more than $10 billion in assets – approved 25.96% of all small business loan applications in May, up from 25.7% in April […]

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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 11-Year Low

Jun 13th, 2018 @ 4:19 PM by Amber Nelson

Serious mortgage delinquencies declined to their lowest level in 11 years, according to data from CoreLogic, aided by an improving economy. The rate of serious U.S. mortgage delinquencies  – home loans that are more than 90 days past due – fell to 2.1% in March from 1.9% a year earlier. The current reading is 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.

New Car Buyer Monthly Payments Reach Record High

Jun 6th, 2018 @ 11:08 AM by Amber Nelson

Americans are paying more than ever for new cars, according to credit compiling firm Experian, and monthly payments have reach new heights, pushing affordability to record lows. During the first quarter of 2018, the average auto loan for a new vehicle topped $31,455, up $921 from the year before. The average monthly payment on new […]

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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.

Banks Loosen Standards on Commercial Loans

May 30th, 2018 @ 7:07 PM by Amber Nelson

Large banks are making sweeter deals on their commercial business loans as they compete with one another to bring back loan growth, according to a report from the regulatory Office the Comptroller of the Currency (OCC). Commercial loan growth fell significantly during the Recession but had come back up to 12% by 2013. Then unexpectedly and […]

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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 Plummet to 17-Year Low

May 24th, 2018 @ 6:54 PM by Amber Nelson

A year of steadily rising mortgage interest rates has kept many borrowers from refinancing, according to the Mortgage Bankers Association (MBA), with applications for refinance loans falling to the lowest in over 17 years. During its latest weekly survey, the MBA’ Market Composite Index, a measure of total refinance and home purchase application volume, declined […]

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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 Top 7-Year High

May 17th, 2018 @ 1:33 PM by Amber Nelson

It looks like rising interest rates are in the forecast for the foreseeable future. Interest rates on long-term U.S. mortgages pushed up to their highest level in 7 years this week, according to data from mortgage finance company Freddie Mac, following a major bond sell-off and speculation that the Federal Reserve might raise its own […]

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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 Credit Card Debt Tops 6-Year High

May 10th, 2018 @ 9:01 PM by Amber Nelson

Americans are using their credit cards and spending more today than they have in years, according to data from consumer credit reporting agency TransUnion, and credit card delinquencies are at 6-year high. Total active U.S. credit cards accounts rose to 416.5 million, up 2.6% in the first quarter of 2018 from a year earlier. 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.