Smart Borrower Blog

Auto Loan Interest Rates Inched Up in June

Jul 1st, 2020 @ 1:58 PM by Amber Nelson

June saw a slight increase in interest rates for U.S. new-car loans, according to data from Edmunds, possibly a response to increased demand over the past month. The average rate on a loan for a new vehicle rose to 4.2% in June, up from 4.0% in May and close to April’s 4.3%. While the new […]

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Student Loan Borrowers Could Get 2-Year Break

Jun 24th, 2020 @ 1:45 PM by Amber Nelson

New legislation has been introduced in both the House and Senate that would allow college graduates of 2020 to pause their student loan payments interest-free for three years. Due to the coronavirus crisis, under the CARES Act, the U.S. Department of Education has already given federal student debt borrowers the ability to make no payments […]

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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 Demand Hits 11-Year High

Jun 17th, 2020 @ 2:53 PM by Amber Nelson

Another week of new interest rates lows helped home purchase demand to climb to its highest level since 2009, according to data from the Mortgage Bankers Association. “Purchase applications increased to the highest level in over 11 years and for the ninth consecutive week. The housing market continues to experience the release of unrealized pent-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.

First-Quarter Auto Payments Hit New All-time High

Jun 10th, 2020 @ 3:33 PM by Amber Nelson

Before the coronavirus spread completely to the U.S., auto loan totals and monthly payments reached new record highs in the 2020 first quarter, according to data from Experian. The average total new vehicle loan rose to $33,739 with an average monthly payment of $560. Used car loans also hit new highs with the total 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.

Government Extends Small Business PPP Relief

Jun 5th, 2020 @ 1:25 PM by Amber Nelson

As businesses around the country continue to navigate the coronavirus crisis fallout, President Trump signed into law Friday new regulation that modifies the current Paycheck Protection Program. In order to better meet the needs of small businesses, the new legislation will allow PPP borrowers to reduce the share of their aid used on payroll to […]

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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.

Home Purchase Mortgage Demand Rebounds 54% From April

May 27th, 2020 @ 1:12 PM by Amber Nelson

U.S. homebuyers did not let the COVID-19 hold them back for long. Mortgage applications to buy a home have risen dramatically for each of the past six weeks, with a 9% increase in the past week alone, according to the Mortgage Bankers Association. Home purchase applications have now bounced back 54% since early April when […]

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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.

Consumer Credit is Stable…For Now

May 20th, 2020 @ 3:34 PM by Amber Nelson

The number consumer credit accounts in serious delinquency was relatively unchanged in April on a yearly basis, according to a new TransUnion report, but the numbers may not represent the full situation. During April 2020, credit card delinquencies of 90 days or more rose to 1.87%, from 1.78% the year before. Serious delinquencies on mortgages […]

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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.

Auto Dealers Offer 7-Year Loans as Coronavirus Dampens Sales

May 13th, 2020 @ 6:15 PM by Amber Nelson

U.S. auto dealers are making longer loans than ever with huge incentives in order to lure in reluctant buyers during the COVID-19 crisis. Car sales fell 80% below their expected levels in March as shelter-in-place went into effect in many parts of the country.  To woo buyers back, dealers have been offering 0% interest loans […]

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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 Approval Rates Plunged in March

May 6th, 2020 @ 2:36 PM by Amber Nelson

As the coronavirus outbreak shutdown businesses across the country, banks and lenders got skittish about making small business loans, according to data from Biz2Credit. The Biz2Credit Small Business Lending Index found that big banks – those with $10 billion or more in assets – approved just 15.4% of submitted small business loan applications in March, […]

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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.

Home Loan Requests Jump as Buyer Reenter Housing Market

Apr 29th, 2020 @ 11:54 AM by Amber Nelson

Even though total mortgage application volume fell, home purchase loan requests climbed 12% in the latest weeks, according to the Mortgage Bankers Association. At the same time both mortgage rates and refinance applications fell. As several states reopened from coronavirus stay-at-home orders, home buyers seemed to resurface everywhere, in what could be a indication of […]

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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.

Student Loan Borrowers Get Some Coronavirus-induced Respite

Apr 22nd, 2020 @ 3:28 PM by Amber Nelson

Some 42 million Americans are getting an interest-rate breather on their student loans right now, thanks to a Trump administration action that eliminated federal loan interest charges during the COVID-19 crisis. President Donald Trump announced the decision back on March 13 when he declared a national emergency. “To help our students and their families, I’ve […]

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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.