Smart Borrower Blog

Small Businesses Can Get Coronavirus Relief from New Federal Paycheck Protection Program

Apr 1st, 2020 @ 1:16 PM by Amber Nelson

The economic fallout from the coronavirus measures is affecting millions of small businesses across the country. In an effort to keep them afloat, a new $350 billion small business program begins Friday as part of the multi trillion-dollar CARES Act economic rescue bill enacted last week. The Payroll Protection Program (PPP) is available for all […]

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One-third of Americans May Fall Behind on Credit Card Bills, Thanks to Coronavirus

Mar 28th, 2020 @ 9:00 PM by Amber Nelson

With millions of Americans ordered to stay at home during the coronavirus outbreak, many have lost jobs or seen their hours drastically reduced. The result could be that credit card debt could rise even faster, according to a new survey by WalletHub. The survey found that roughly 67 million, or almost a third of adult […]

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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.

Facebook to Offer $100 million in Cash Grants to Small Businesses

Mar 18th, 2020 @ 9:30 PM by Amber Nelson

Facebook Inc announced Tuesday a new $ 100 million program to aid small businesses around the world affected by the coronavirus outbreak. “We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who […]

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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 Demand Jumps 79% on Rate Dive

Mar 11th, 2020 @ 11:48 AM by Amber Nelson

In the wake of the lowest long-term mortgage interest rates on record, American homeowners rushed to take advantage of home loan savings, according to the Mortgage Bankers Association. Refinance applications volume jumped an astounding 79% from last week and are up 479% compared with a year ago.  Refinances made up 76.5% of all applications, 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.

Big Banks Approve Record Number of Small Business Loans

Mar 4th, 2020 @ 1:46 PM by Amber Nelson

America’s big banks – those with $10 billion or more in assets – approved 28.3% of all small business loan applications in January, an increase of one-tenth of a percent from December and the highest level ever recorded, according to data from Biz2Credit. “The economy is strong, and optimism among small business owners is high, […]

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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 Loans Top Record $1.33 trillion

Feb 25th, 2020 @ 1:27 PM by Amber Nelson

The total amount of car loan debt hit a new record high in the 2019 fourth quarter, according to the New York Federal Reserve, but delinquencies are also on the rise. Total outstanding U.S. balances on auto loans and leases rose to $1.33 trillion during the last quarter of 2019, up almost 5% from 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.

Household Debt Hits Record High $14 Trillion

Feb 19th, 2020 @ 3:17 PM by Amber Nelson

Americans now owe a total of $14.15 trillion in household debt, according to the Federal Reserve, the highest level ever recorded. Household debt grew by $601 billion in 2019, at the fastest pace since 2007, right before the financial crisis. “Mortgage originations, including refinances, increased significantly in the final quarter of 2019, with auto 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.

Corona Virus Fears Fuels Mini-Refinance Boom

Feb 12th, 2020 @ 11:31 AM by Amber Nelson

Global fears about the Corona Virus have pushed mortgage interest rates lower, which in turn has inspired many homeowners to refinance, according to the Mortgage Bankers Association. Refinance applications rose 5% for the week ended February 7, 2020, and they increased an astonishing 207% compared with a year ago. During the same time, the average […]

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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 Debt Continues Record High Climb

Feb 5th, 2020 @ 10:56 AM by Amber Nelson

Total U.S. student loan debt has reached a new high of $1.56 trillion this year, according to data from the U.S. Department of Education. That debt load is spread out among 44.7 million borrowers, making for an average student loan debt of $32,731. College loan debt is now the second highest consumer debt category – […]

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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.

Car Loan Interest Rates Fall to 22-Month Low

Jan 29th, 2020 @ 11:32 AM by Amber Nelson

The average interest rate on a U.S. car loans fell to its lowest point since February 2018 in December, according to automotive data-tracking company Edmunds. At the same time, prices on new vehicles have reached near-record highs. The annual percentage rate (APR) for a new-vehicle loan slipped to 5.4% in December, down from 5.5% 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.

Housing Affordability Near 30 Year Highs

Jan 21st, 2020 @ 10:16 AM by Amber Nelson

Although rising home prices have led many to believe that buying a home is more expensive today, low mortgage interest rates and rising incomes have actually made homes more affordable now than almost any time in the past three decades, according to the National Association of Realtors. The NAR’s Housing Affordability Index rose to 163.5 […]

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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.