Smart Borrower Blog

Archive for May, 2020

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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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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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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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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