Smart Borrower Blog

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 […]

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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 […]

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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 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 […]

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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.

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 […]

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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.

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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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 […]

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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.