Smart Borrower Blog

Credit Card Companies Tighten Up on Qualifications

Dec 12th, 2018 @ 10:25 PM by Amber Nelson

U.S. consumers are having a harder time getting the credit they want, according to a recent report from the Federal Reserve Bank of New York, perhaps a sign that lenders are nervous about rising delinquency rates. The Fed’s “Credit Access Survey” found that credit card issuers rejected 20.8% of applications in October 2018, up 14.4% […]

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Small Business Lending Posts Double-Digit Growth

Dec 5th, 2018 @ 10:27 PM by Amber Nelson

U.S. small businesses borrowed much more in October, according to a new report from PayNet, growing by double-digits from September, a sign of increased investor confidence. The Thomson Reuters/PayNet Small Business Lending Index – a measure of total small business loan originations, rose 11% to a seasonally adjusted level of 148.2, up from 133.1 in September. […]

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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 Loan Limits Raised for 2019

Nov 29th, 2018 @ 9:36 PM by Amber Nelson

In response to the rise in home prices this year, the Federal Housing Finance Agency is increasing loan limits on conforming mortgage loans for 2019. The new maximum conforming loan limit will be $484,350, a 6.9% jump from 2018’s limit of $453,100. The increase roughly matches the rate of home price inflation – according 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.

Subprime Auto Lending Grew in 3rd Quarter

Nov 21st, 2018 @ 2:07 PM by Amber Nelson

Originations of auto loans among borrowers with poor credit rose in the 2018 third quarter for the first time in over two years, according to the Federal Reserve Bank of New York. The New York Fed’s “Household Debt and Credit Report found that total new subprime – those with credit scores below 620 – auto […]

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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 Foreclosures and Delinquencies Fall in Latest Year

Nov 15th, 2018 @ 8:05 AM by Amber Nelson

Mortgage borrowers did better at keeping up with their loan payments in the past year, according to new data from CoreLogic. They did so much better, in fact, that the rate of 30-day delinquencies dropped to its lowest level in almost 13 years. CoreLogic’s Loan Performance Insights report found that the percentage of home mortgage […]

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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 Defaults Could Reach 40% by 2023

Nov 7th, 2018 @ 11:22 AM by Amber Nelson

U.S. student loan borrowers are defaulting at such a steep rate that on the current trajectory as many as 40% of all borrowers could be in default within the next five years, according to a report from the Urban Institute. Student loans now make up the second-largest consumer debt category. Today there are more than […]

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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.

Nervous Investors Push Mortgage Rates Down

Nov 1st, 2018 @ 8:12 AM by Amber Nelson

Average rates on long-term mortgage loans fell in the latest week, dampened by investors’ flight to the safety of bonds after the recent stock market declines. According to mortgage guarantor Freddie Mac, the average rate on a 30-year fixed rate mortgage (FRM) dropped to 4.83 percent with an average 0.5 point for the week 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.

1/3 of Americans Use Credit Cards for Home Renovations

Oct 26th, 2018 @ 3:38 PM by Amber Nelson

Even though Americans now have more home equity collectively than ever before, very few are tapping into that equity to pay for their home renovations, with more than a third charging their home expenses to a credit card. According to a study conducted by web site Houzz and Synchrony Financial, 36.4% of all renovation purchases […]

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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 Scores Hit Record High

Oct 17th, 2018 @ 9:24 PM by Amber Nelson

Americans are figuring out how to manage their credit, it would seem. New data from Fair Isaac & Co. (FICO) shows that the average FICO score rose this year to an all-time of 704, up 4 points from 2018. The average score has risen for the past 8 straight years, climbing from a low 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.

Mortgage Rates Top 5%, Loan Applications Slip

Oct 10th, 2018 @ 8:40 PM by Amber Nelson

As long-term U.S. mortgage interest rates rose to their highest level in over 7 years, fewer potential buyers and refinance borrowers applied for home loans this week, according to data from the Mortgage Bankers Association. The average rate on a conforming 30-year fixed-rate mortgage jumped to 5.05%, with 0.51 points, up from 4.96% and 0.49 […]

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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.

Business Borrowing for Equipment Rose 14% in August

Oct 4th, 2018 @ 8:50 PM by Amber Nelson

U.S. companies borrowed more for capital investments in August from the year before, according to the Equipment Leasing and Finance Association (ELFA), a continued sign that business confidence in the economy continues to grow. Businesses financed $8.9 billion in new equipment loans, leases and lines of credit in August, up 14% from a year ago, […]

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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.