May 2024 - Hanover Mortgages

Apache is functioning normally

May 3, 2024 by Brett Tams

On most months in modern economic memory, a gain of 175k payrolls would be welcome news for the labor market. Depending on the context, it still is. But in today’s case, it’s much lower than the market expected and not a high enough number to justify the 4.6+ 10yr yields seen yesterday. Bonds rallied instantly when the news printed, but one rate-friendly jobs report is only a fine tuning adjustment to a rate environment dominated by inflation concerns.

Evidence of inflation concerns was available in real time today following the ISM Services data. The headline was weaker, which would normally be good for bonds. But the price component was quite a bit higher, which was enough for the bond market to react negatively.

Despite the push-back, bonds remain in much stronger territory and have now mad solid gains 3 days in a row. Yields are back in line with the afternoon of the last CPI day on April 10th.

Source: mortgagenewsdaily.com

Apache is functioning normally

May 3, 2024 by Brett Tams

While mortgage rates remain higher than they were during the housing market’s booming pandemic years, Moody’s Ratings has predicted them to finally start declining over the next few years in a new report.

Exactly a week ago, the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, reported that the average rate for a 30-year-fixed mortgage—the most popular among U.S. borrowers—had reached 7.1 percent, a record high for this year so far.

Read more: How to Find the Right Mortgage for You

Moody’s Ratings’ experts believe mortgage rates will come down—just not as quickly as homebuyers might wish for. The financial research company is currently estimating that mortgage rates will remain higher “than the extremely low levels during the decade of aggressive central bank stimulus that preceded the past two years” in the coming months, but will likely reach around 6 percent or somewhat less by the end of 2025.

This is good news for aspiring homebuyers who have been squeezed out of the market by skyrocketing home prices and high mortgage rates, which climbed as a direct consequence of the Federal Reserve’s aggressive rate-hiking campaign to combat the rise of inflation last year.

An aerial view shows a subdivision that has replaced the once rural landscape on July 19, 2023 in Hawthorn Woods, Illinois. Mortgage rates are likely to come down to 6% by next year, Moody’s Ratings…
An aerial view shows a subdivision that has replaced the once rural landscape on July 19, 2023 in Hawthorn Woods, Illinois. Mortgage rates are likely to come down to 6% by next year, Moody’s Ratings experts predict.

Scott Olson/Getty Images

While most analysts expect the central bank to lower interest rates this year, the Federal Reserve has so far failed to do so, as the latest data on the cost of living show that inflation remains higher than expected at 3.48 percent in March. The Federal Reserve does not directly set mortgage rates, but any rise in interest rates impacts new mortgage lending.

Read more: Compare Low Rates With the Best Mortgage Lenders

Higher mortgage rates led to a drop in demand in late summer 2022 due to the unaffordability of buying a home for many Americans; but the price correction that followed this slide in demand was rather modest. In spring 2023, prices started climbing back up across the country, as the supply of homes remained low.

While the historic shortage of homes in the U.S. can primarily be traced back to the fact that the country has under-built following the bursting of the housing bubble and the financial crisis of 2007-2008, high mortgage rates have also caused many homeowners to hold on to their homes instead of putting them on the market.

“Many U.S. homeowners have low fixed-rate mortgages that they are reticent to give up, which is constraining existing property listings and sales,” Moody’s wrote in the report.

Faced with a growing demand for new constructions and mortgage interest rate buydowns, the company’s experts expect home prices to avoid significant decline in the coming months, sliding by a moderate 5 percent this year after falling 6.6 percent in 2023.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Source: newsweek.com

Apache is functioning normally

May 3, 2024 by Brett Tams

The Federal Housing Administration (FHA) on Friday published Mortgagee Letter 2024-08, which extends a foreclosure moratorium on the Hawaiian island of Maui through Aug. 4, 2024, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs).

The moratorium, initially scheduled to expire on May 6 after a previous extension, has been pushed out 90 days in recognition of the continued recovery efforts taking place after wildfires on the island in the summer of 2023.

Those fires devastated the town of Lahaina, destroying much of it and killing a confirmed 101 people as of February 2024, a figure revised slightly downward since the days following the fires. Two people remain listed as missing, and two-thirds of the victims were at or over the age of 60, according to reporting by The Associated Press.

“This extension recognizes the unprecedented disaster in Maui resulting from the August 2023 wildfires,” FHA said in an announcement of the extension. “Therefore, FHA has extended its moratorium to give borrowers with FHA-insured mortgages on properties located in Maui County more time to access federal, state, and/or local housing resources, and to consult with HUD-certified housing counselors, without the added burden of potential foreclosure actions.”

The new Mortgagee Letter also “extends the deadlines for first legal action and reasonable diligence time frames to 90 days from the new August 4, 2024, moratorium date for foreclosures initiated on FHA-insured single family forward mortgages on properties in Maui County,” FHA explained.

As was previously the case, the relief applies to both single-family forward mortgage borrowers as well as reverse borrowers through the HECM program under specific criteria.

“[M]ortgagees must extend the moratorium on foreclosures of FHA-insured [HECMs] secured by properties located in Maui County,” the guidance states. “The foreclosure moratorium is applicable only if the HECM is due and payable for reasons other than the death of the last remaining borrower and is not subject to a deferral period; and to the initiation of foreclosures, and foreclosures already in process.”

In the immediate aftermath of the fires, FHA reminded lenders and servicers of both forward and reverse mortgages that relief options are available for borrowers impacted by recent natural disasters.

At that time, FHA also reminded lenders that they should contact borrowers impacted by these disasters as soon as possible while encouraging them to use “any permissible means” to contact borrowers and provide forbearance relief.

Apache is functioning normally

May 3, 2024 by Brett Tams

Birmingham is one of the most pivotal cities in American history. From the echoes of the civil rights movement to the fascinating history of Rickwood Field, there’s a place for everyone to feel at home in Birmingham.

Birmingham is a great place for history buffs, outdoorsy types, science enthusiasts, and sports fans. It’s a city that is quickly on the rise and gaining more things to brag about at a breakneck pace.

Let’s take some time to explore ten of the top things Birmingham is known for, and start to understand why so many people are hoping to find an apartment in Birmingham.

1. Birmingham Civil Rights Institute

The Birmingham Civil Rights Institute is a cornerstone of the city, providing an in-depth look at the civil rights movement in the United States. Interactive exhibits and archives tell the stories of the struggle and triumph that occurred in Birmingham during the 1950s and 1960s. The institute commemorates the past while fostering an ongoing dialogue about civil rights and justice in the contemporary world.

2. Vulcan Park

Home to the largest cast iron statue in the world, Vulcan Park is a symbol of Birmingham’s roots in the iron and steel industry. The park has a museum that provides insights into the city’s industrial past, while the statue itself represents the Roman god of fire and forge. It’s a popular spot for locals and tourists looking to learn more about Birmingham’s development and soak in a stunning view at the same time.

3. McWane Science Center

The McWane Science Center takes a hands-on approach to learning, with interactive exhibits and activities that cover everything from dinosaurs to space exploration. It’s a favorite among families, providing fun and educational experiences that encourage children and adults alike to engage with science in a playful environment. The center also has an IMAX theater that brings exciting scientific discoveries to life on a massive screen.

4. Red Mountain Park

Red Mountain Park is a sprawling 1,500-acre park that supports a ton of outdoor activities including hiking, biking, zip-lining, and more. This park is the ideal spot for fun in the Birmingham sun. Its trails and scenic overlooks provide a peaceful escape into nature, reflecting Birmingham’s commitment to preserving community spaces within its historical industrial landscape.

5. Sloss Furnaces

Sloss Furnaces is a national historic landmark where visitors can explore the preserved blast furnaces that made Birmingham a leading iron producer in the late 19th century. Today, it operates as a museum and venue for concerts and festivals. This site educates its visitors on the harsh working conditions of the Industrial Age and the evolution of manufacturing technologies.

6. Barber Vintage Motorsports Museum

For motorsports enthusiasts and motorcycle history buffs, the Barber Vintage Motorsports Museum is a rare attraction. Housing one of the largest collections of motorcycles in the world, the museum displays over 1,400 motorcycles that span over 100 years of production. The museum also includes a beautifully designed racetrack that hosts a few high-profile races throughout the year.

7. Birmingham Botanical Gardens

The Birmingham Botanical Gardens is an oasis that features over 67 acres of beautifully landscaped gardens. With over 12,000 different plants, an extensive library, and several picturesque walking paths, it’s a favorite spot for plant lovers throughout the state.

8. Birmingham Museum of Art

One of the finest regional museums in the United States, the Birmingham Museum of Art holds an impressive collection that spans continents and centuries. With over 24,000 paintings, sculptures, prints, drawings, and decorative arts, the museum offers a comprehensive look at diverse cultures and histories. Its extensive collection of Asian art is particularly noted for its quality and breadth.

9. Rickwood Field

As the oldest professional ballpark in the United States, Rickwood Field holds a special place in the hearts of baseball fans. It’s a living museum of America’s pastime and hosts annual games including the celebrated “Rickwood Classic,” which allows players and fans to experience baseball in its historical form. The field has seen legends like Babe Ruth and Willie Mays play between its bases, adding to its significance and allure.

10. Alabama Theatre

Constructed in 1927, the Alabama Theatre is a restored movie palace that’s now a venue for films, concerts, and performances. This historic theater is known for its elaborate architecture and the “Mighty Wurlitzer” organ—one of the few remaining in the United States.

Apache is functioning normally

May 3, 2024 by Brett Tams

Using a credit card to make purchases is straightforward, but understanding the ins and outs of how exactly they work can be more complicated.

On the back end, credit card issuers can take certain liberties that impact your cards’ features. If you dig into the fine print, you’ll find that card issuers generally mention they can make certain account decisions at their discretion. There are also unwritten liberties issuers can take, potentially in your favor. For instance, an issuer may be cooperative when you request lower interest rates, a higher credit limit or a switch to a different card entirely.

The more you understand your credit cards, the better you can navigate them.

Here are a few facts about credit cards that are good to know.

1. Some credit card terms can change with little if any warning

You may become accustomed to certain perks, rewards, fees or even interest rates over time, but those features can change — some more quickly than others. You’ll often find language supporting this in a card’s terms and conditions.

For significant changes — like increases to interest rates, fees and the minimum amount due — the card issuer generally must give notice 45 days in advance, according to the Consumer Financial Protection Bureau’s website. But benefits or rewards aren’t considered “significant,” so changes to those can come at any time. (Many issuers will still send an email or written notification as a courtesy to cardholders.)

Variable interest rates change at a quicker pace than other features, as has been the case since the Federal Reserve began hiking interest rates to battle inflation.

“Folks didn’t realize that the rise in the federal interest rate applies to their credit card also,” says Martin Lynch, director of education at Cambridge Credit Counseling, a nonprofit credit counseling agency. “Variable rate cards incorporate those hikes usually within a month or two, so you did see some people experiencing some sticker shock when the minimum payments went up.”

2. Issuers can close an account or cut your credit limit at any time

Even if you’re managing a credit card responsibly, an issuer can still legally close your account if it wants to, according to the CFPB website.

The issuer must provide an “adverse action notice” when it makes these kinds of unfavorable decisions, the website notes. But they can still catch you off guard.

3. Your creditor may be willing to bend on interest rates

For longtime customers with solid track records, an issuer might be willing to negotiate a lower interest rate. Alternately, a hardship plan (if available) can temporarily lower interest rates if the hardship is because of qualifying circumstances beyond your control.

If you’re having trouble juggling debt, credit card issuers may also be willing to work with you through a nonprofit credit counseling agency’s debt management plan, which can consolidate those debts into one fixed monthly payment if you qualify.

“Our average interest rate right now is about 8%, among all creditors,” Lynch says. “Some are higher, some are lower.”

For comparison, the average rate for credit cards that assessed interest in the last quarter of 2023 was 22.75%, according to Fed data.

4. You might not qualify for a sign-up bonus

Many credit cards offer an upfront pile of cash back, points or miles as an incentive for new cardholders who can meet a specific spending requirement. But if you’ve recently applied for a credit card with the same issuer — even if it’s been more than a year — you might not qualify for the advertised bonus.

As you’re applying for a credit card, it’s important to read the terms carefully to understand whether you’re eligible for such a welcome offer.

5. You can lose a 0% APR

If you have good or excellent credit (credit scores of 690 or higher), you might qualify for a credit card with a 0% introductory APR on purchases, balance transfers or both. But that promotional window may not be guaranteed.

If you pay late, for instance, the issuer could cancel the 0% APR offer and start charging the card’s ongoing variable interest rate instead. Depending on the card, a much higher penalty APR can also apply after missing a payment.

To avoid missing payments, set a reminder or establish an automatic payment schedule.

6. You might be able to upgrade or downgrade your credit card

If a credit card is no longer as valuable to you as it once was, contact the issuer to see whether it’s possible to upgrade or downgrade your credit card to a different option. This is also known as a “product change,” and it may allow you to retain your account number and account history while switching to a card that better suits your needs now.

You might consider downgrading to a different option to avoid an annual fee, for example. An upgrade might get you higher rewards or better perks.

7. The value of your rewards may vary

It’s not really an issue for cash-back credit cards, but if you have a co-branded store card or travel card, be aware that the points or miles that you’re earning may be less valuable for some redemptions than for others.

For example, your miles may be worth a penny or more each when redeemed for travel, but a good bit less than that when you redeem for options like cash back, statement credit or gift cards.

Knowing the true value of your rewards can help you maximize them. You can often get an idea of that value either by logging into your card account and exploring redemption options or by revisiting the card’s terms and conditions.

Source: nerdwallet.com

Apache is functioning normally

May 3, 2024 by Brett Tams

So has Higginbotham. “We have 123 offices across the south and southeast side of the United States, and we are telling our partner offices there to opportunistically look to some of the mortgage lenders that are referring business to us for insurance,” Russell said. “And if there’s a good relationship there, and there’s somebody that … [Read more…]

Apache is functioning normally

May 3, 2024 by Brett Tams

May mortgage rate forecast

Mortgage rates will probably remain above 7% in May as inflation resists the Federal Reserve’s efforts to bring it under control. It left rates unchanged at the conclusion of its April 30-May 1 meeting, and seemed as frustrated by inflation and high interest rates as home buyers are.

The Fed is trying to wrestle the inflation rate down to 2%. The central bank made progress toward that goal in the last half of 2023, and investors rang in the new year with hopes of a Fed rate cut by spring. But the inflation rate sprang a surprise: It hardly budged in the first three months of the year. Investors have convinced themselves that inflation will stick around for a while. Mortgage rates have moved higher as a consequence.

The 30-year mortgage leapt more than a quarter of a percentage point in April. Mortgage rates are unlikely to fall significantly until inflation wanes and the Fed signals that it’s getting ready to announce a rate cut. It’s unlikely that we’ll see such a turnaround by Memorial Day.

Inflation loses downward momentum

The outlook was sunnier just a few months ago. As 2023 turned to 2024, it looked as if inflation was waning in earnest. The core consumer price index had fallen every month since March. From that month to December, core CPI fell from 5.6% to 3.9%. Investors took it as a sign that inflation was headed toward the Fed’s 2% goal, and that the central bank would cut the short-term federal funds rate in the first half of 2024.

But progress on prices slowed dramatically in 2024’s first quarter, as if the inflation rate had deployed a parachute. In March, core CPI was 3.8%, or just 0.1 percentage point lower than in December. At that rate of decline, it would take more than four years for the inflation rate to drift down to 2%.

“In recent months, there has been a lack of further progress toward the committee’s 2% inflation objective,” the Fed’s rate-setting committee announced at the conclusion of the April 30-May 1 meeting.

The statement added that the Fed won’t cut rates until the committee “has gained greater confidence that inflation is moving sustainably toward 2%.” That seemed to push a rate reduction months into the future.

Financial markets now expect the Fed to wait until September or November before reducing the federal funds rate. The dashed hopes for a springtime reduction led lenders to raise mortgage rates in April.

The average rate on the 30-year fixed rate mortgage moved upward week after week throughout April. In Freddie Mac’s weekly rate survey, it averaged 6.79% in the last week of March, then marched upward to 7.17% in the week ending April 25.

What other forecasters predict

Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all predict that mortgage rates will fall over the next 12 months. Their forecasts have the 30-year fixed-rate mortgage dropping to below 6.5% in the first quarter of 2025, compared with an average of 6.75% in the first quarter of this year.

Builders offer rate relief

Home prices are rising along with mortgage rates. The combination of higher prices and mortgage rates is making it harder to afford a home. According to the Mortgage Bankers Association, the typical mortgage payment was $2,021 for home buyers who applied for mortgages in March. That was $108 more from 12 months earlier. This means that the median mortgage payment went up 5.2%. At the same time, the median income went up 3.5%, according to the MBA. House payments are rising faster than incomes.

Homebuilders have been offering relief in the form of temporary rate buydowns. With a rate buydown, the builder reduces the buyer’s house payments for the first one to three years. They do it by subsidizing the buyer’s interest rate.

Here’s an example of how a one-year buydown might work: The buyer gets a mortgage with a 7.25% interest rate, but the first 12 payments are based on a 6.25% interest rate. That gives the buyer a discount on the monthly payments for that year.

Builders do this in recognition of the effect of rising rates and prices. “To address affordability for home buyers, we are still using incentives such as mortgage rate buydowns and we have reduced the prices and sizes of our homes where necessary,” said Bill Wheat, the chief financial officer of D.R. Horton, a prominent homebuilder, in an earnings call April 18.

The takeaway is that some homebuilders are cutting rates, even if the Fed isn’t.

Source: nerdwallet.com

Apache is functioning normally

May 3, 2024 by Brett Tams

One of the many great things about fashion is how much it influences and feeds off of everything around it. The fashion trends of the season often dictate home, beauty, and even travel trends. I’m here to focus on the former. As you know, there’s an overarching air of elegance when it comes to fashion this season, and it shows no signs of fading, exemplifying the timelessness of all things elegant. So why not carry that over into your home?

I find elegant home décor to be relaxing, effortless, and expensive looking. Look for soothing colors, soft textures, and organic shapes when shopping for elegant home décor, or you could just shop along with me. I spent the good part of a day scrolling through countless home décor retailers’ inventory in search of elegant pieces I think you’ll love. Read on to shop them for your own living space.

H&M

Large Terracotta Tray

Cire Trudon

Abd El Kader Classic Scented Candle

Parachute

Cloud Organic Cotton Quilt

Nambé

Aquila Set of 2 Candlesticks

Porpan

Yanwe1 Ribbed Glass Vase

Dusen Dusen

Embroidered Dog Bed

Our Place

Set of 4 Dinner Bowls

H&M

Patterned Cotton Cushion Cover

Apparis

Brady Blanket

Tizo Design

Slim Gold Brass Frame

Bed Threads

4-Pack Linen Placemats

Sterling & Noble

Arched Black Metal and Natural Rattan Indoor Tabletop Bookends

Fable

The Rocks Set of 4 Glasses

Zara Home

Full-Length Mirror With Linen Frame

Parachute

Soft Rib Tub Mat in Clay

Le Creuset

Olive Branch 4 Qt. Covered Casserole

Barefoot Dreams

Cozycotton Checkered Throw

Nordstrom

Floral Tiered Tray Tower

Kassatex

Le Marais Tumbler

The Container Store

Artisan Rattan Cane Bin

Polspotten

Sandglass Ball Extra Large Hourglass

Zara Home

Tablecloth With Openwork Embroidery

Mango Casa

Rectangular Natural Fiber Basket

CB2

Eva Papier-Mache Bust Sculpture

Parachute

Fringe Wool Pillow Cover

Tizo Design

Crystal Bud Vase

CB2

Lincoln Polished Brass Desk Clock

Polspotten

Boolb Large Ceramic Vase

H&M

Chrome and Rattan Wall Hanger

Anthropologie

Sky Marble Table Lamp

Hay

Slit Small Side Table

This looks like it came straight out of a chic Milan apartment.

Source: whowhatwear.com

Apache is functioning normally

May 3, 2024 by Brett Tams

The following Five Surveys Review is a sponsored partnership with Five Surveys. Welcome to my Five Surveys Review! If you want to earn extra cash from home on your own schedule, I recommend trying out Five Surveys. This honest review of Five Surveys is going to explain what Five Surveys is, how Five Surveys works,…

The following Five Surveys Review is a sponsored partnership with Five Surveys.

Welcome to my Five Surveys Review!

If you want to earn extra cash from home on your own schedule, I recommend trying out Five Surveys.

This honest review of Five Surveys is going to explain what Five Surveys is, how Five Surveys works, and how you can earn spare cash with paid online surveys on Five Surveys.

If you’re interested in earning money online, you might have come across Five Surveys. This site pays users to complete surveys, giving an easy way to make extra cash from home. Unlike other survey sites that pay low amounts, Five Surveys has a simple deal: complete five surveys and earn $5.

I’ve been taking surveys for years, and I find it to be an easy way to earn extra money in my spare time.

I personally signed up for Five Surveys and have started taking surveys to test it out for you, my reader. One thing I really love about Five Surveys so far is the amount of surveys that are available. Already on the first day, there were 42 surveys that I could get started with, with more being added all the time.

Please click here to sign up for Five Surveys.

Five Surveys Review

Below is my Five Surveys review.

What Is Five Surveys?

Five Surveys, also known as 5 Surveys, is a website where you get paid to answer surveys online.

For every five surveys you finish, you can earn $5. Yes, once you answer your fifth survey, you can make quick cash, and they have a lot of available surveys for you to get started with.

If you’re all about making some extra cash, Five Surveys could be your go-to. Here are some reasons why I personally like Five Surveys:

This survey site is easy to use – Everything can be found right from the dashboard once you log in.
There are lots of surveys available – There are tons of surveys waiting for you, anytime. Whether it’s day or night, you can log in and find a survey to answer.
Fair payment for your time – For every 5 surveys you finish, you get $5. That means you’re earning $1 per survey, which is good for a few minutes of sharing your thoughts.
Get paid now, not later – Hate waiting? With Five Surveys, there’s no more watching the clock. After you complete 5 surveys, you can redeem your earnings.
Great customer service – They have a 24/7 live chat support team for any questions that you have.

When I first signed up for Five Surveys, I immediately received 42 surveys that I could start with. They ranged anywhere from 1 minute to 29 minutes. And, the way that the Five Surveys online platform works is that you need to answer 5 surveys to get the $5.

The surveys that you will see once you sign up for Five Surveys.

How Five Surveys works

Five Surveys is a platform where you can earn money just by sharing your thoughts and input through surveys.

Here’s how to get started on Five Surveys:

Sign up – First, you need to create an account. It’s free! You can join Five Surveys for free here.
Verify email – After signing up, check your email to find a verification link. Click it to activate your account.
Take surveys – Once your account is all set, you can start taking surveys. These surveys are a way for you to share your opinion on different things.
Earn money – For every 5 surveys you take, you get paid $5. That’s like getting $1 for each survey you complete!
Cash out – When you’re ready, you can take this money and put it in your pocket. The cash out process is simple and quick.

You may occasionally come across screen-outs (this is when you start a qualification survey but are deemed not their intended target market), but the more surveys that you take then the easier it is for Five Surveys to match you with better surveys with your customer profile. For example, the qualifier may ask if you have children, but the survey’s target criteria may actually be looking for households with no children. So, you will see less inconvenience when it comes to these with the more surveys that you take.

Note: The answers for the pre-survey questions need to be accurate and detailed so the you have more relevant surveys available.

Why does Five Surveys pay you to answer surveys?

Ever wondered why companies pay for your thoughts on surveys? It’s because your opinions matter! Companies want to know what you think about their products and services because they want to create things that you’ll like and want to buy.

Market research firms act like detectives for companies, gathering clues about what people want. They create surveys for us to fill out, which helps them figure out what products should be like. As a thank-you for your help, these companies reward you with cash and other payment methods.

What kind of questions are asked in surveys?

When you visit online survey sites to earn extra cash, you might wonder what kinds of questions you’ll be asked.

The questions can vary from survey to survey, but they tend to focus on your opinions about products or services, your preferences, and sometimes personal details such as whether you have pets or children at home and geographical characteristics (where do you live?).

I have taken over 100 surveys in my lifetime, and I have never once come across a hard question. They are always super easy and quick to answer.

Here’s a sneak peek into some typical questions that you may see:

How frequently do you eat out?
Is cost a big deal for you when shopping for something?
What do you value in a product like ____?
How much do you use items such as ____?
How much money do you make each year?
What fills up your free time?
Do you do a lot of research before you buy something? Or, do you impulse shop?
How many trips do you make to the grocery store in a month?

Survey creators design these questions to be easy—they don’t require you to be an expert or a genius.

In some surveys, you might come across detailed questions about specific items, while others might be broader and aim to understand you better. This helps companies figure out why certain products or services might be a good fit for you.

Here are some of the payment options you will see on Five Surveys.

How to cash out with Five Surveys

Getting your earnings from Five Surveys is quick and easy.

You simply go to your Five Surveys account and choose your withdrawal method. You can choose between PayPal cash, bank transfer, Venmo, and gift cards.

They have gift cards to places such as Walmart, Olive Garden, Southwest Airlines, Chewy, Apple, and more. There are over 187 different rewards that you can choose from actually.

Frequently Asked Questions

Below are answers to common questions about getting paid to take surveys with Five Surveys.

Is Five Surveys legit?

Yes, Five Surveys is a legitimate survey site known for rewarding people who complete surveys. On TrustPilot, Five Surveys has over 1,600 reviews with a good rating of 4.2 out of 5 stars (that means that most people have a positive experience on this site!). Some of the positive Five Surveys reviews that I read on TrustPilot talked about how Five Surveys is the best survey site due to the number of easy surveys available that pay a decent amount.

Can you actually earn money by completing surveys?

You can earn money by completing surveys on Five Surveys. The platform pays out cash and other rewards for the feedback you provide in surveys. Remember, the amount you earn will depend on the number of surveys you complete.

Does Five Surveys really pay?

Five Surveys does pay its users. Upon reaching a minimum account balance, you can redeem your earnings through different methods like PayPal, bank transfer, or Venmo, and also in the form of gift cards.

Is Five Surveys worth my time?

Whether Five Surveys is worth your time depends on your goals. It is an easy way to earn small amounts of money, but like most survey sites, it won’t replace a full-time income. It’s a decent option for earning a little extra on the side.

Is Five Surveys free?

Signing up for Five Surveys is free.

Five Surveys Review – Summary

I hope you enjoyed my Five Surveys Review.

Understanding how Five Surveys works is easy. Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).

For me, I love how easy it is to get paid to answer online surveys. You can take surveys while watching TV, while waiting for some food to cook, while doing chores, and more. It is super flexible and you can do it right from your phone or computer.

Please click here to sign up for Five Surveys.

Do you like to take surveys to earn extra cash? What other questions do you have for my Five Surveys Review?

Recommended reading: Prime Opinion Review: How Much Does Prime Opinion Pay?

Source: makingsenseofcents.com

Apache is functioning normally

May 3, 2024 by Brett Tams

If someone is applying for disability benefits, they may be relieved to learn that, yes, you can have a savings account while on Social Security disability. While there are certain financial factors that can disqualify someone from Social Security eligibility, having a savings account is not one of those factors.

But of course, there are some subtleties to be aware of with any benefits matter, so it’s important to take a closer look. Among the points to learn are the difference between SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income), who is eligible for Social Security disability benefits, and what the guidelines are for having a savings account while receiving benefits.

What Is Social Security?

There’s a reason the Social Security program is so well known: It has been providing financial support to Americans for many decades. Social Security benefits are designed to help maintain the basic well-being and protection of the American people. These benefits have been around since the 1930’s in response to the economic crisis caused by the Great Depression.

Today, one in five Americans currently receive some form of Social Security benefits — one third of those are disabled, dependents, or survivors of deceased workers. More than 10 million Americans are either disabled workers or their dependents.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

Can I Get Social Security Disability Insurance or Supplemental Security Income with a Savings Account?

You may be thinking you can’t have that kind of asset if you want to qualify for Social Security Disability funds. However, it is indeed possible to receive Social Security Disability Insurance (SSDI) or supplemental security income if you have a checking or a savings account.

Even better, it doesn’t matter how much money is held in that account. There are other program requirements that must be met to qualify for SSDI, but how much money someone has or doesn’t have in the bank isn’t one of them.

Eligibility for SSDI

In order to be eligible for SSDI benefits, the individual must have worked in a job or jobs that were covered by Social Security and have a current medical condition that meets Social Security’s definition of disability. Generally, this program can benefit those who are unable to work for a year or more due to a disability.

It provides monthly benefits until the individual is able to work again on a regular basis. If someone reaches full retirement age while receiving SSDI benefits, those benefits will automatically convert to retirement benefits maintaining the same amount of financial support.

Eligibility for SSI

If you receive Supplemental Security Income (SSI), however, there is a limit on how much you can have in savings. SSI is a federal support program that receives funding from the type of taxes known as general tax revenue, not Social Security taxes.

This program provides financial support to help recipients cover basic needs such as clothing, shelter, and food. It provides aid to those who are aged (65 or older), blind, and disabled people who have little or no income (or limited resources). To qualify, participants must be a U.S. citizen or national, or qualify as one of certain categories of noncitizens.

What You Have to Tell SS about Your Assets if You Want Benefits

There are certain assets (in this case, they’re known as resources) that must be disclosed in order to qualify for benefits through the SSI program. Typically, to receive benefits, one can’t own more than $2,000 as an individual or $3,000 as a couple in what the SSA deems “countable resources.” However, there aren’t any such limits in place for the SSDI program.

The value of someone’s resources (aka their financial assets) can help determine if they are eligible for Social Security benefits. If a recipient has more resources than allowed by the limit at the beginning of the month (when resources are counted), they won’t receive benefits for that month. They can be eligible again the next month if they use up or sell enough resources to fall below the limit.

Eligible resources can include:

• Cash

• Bank accounts (checking account, regular savings account, growth savings account; whatever you have)

• Stocks, mutual funds, and U.S. savings bonds

• Land

• Life insurance

• Personal property

• Vehicles

• Anything that can be changed to cash (and can be used for food and shelter)

• Deemed resources

The term “deemed resources” refers to the resources of a spouse, parent, parent’s spouse, sponsor of a noncitizen, or sponsor’s spouse of the Social Security benefits applicant.

A certain amount of these deemed resources are subtracted from the overall limit. For example, if a child under 18 lives with only one parent, $2,000 worth of deemed resources won’t count towards the limit. If they live with two parents, that amount rises to $3,000.

Recommended: What are the Different Types of Savings Accounts?

How Much Can I Have in My Savings Account and Receive SSI or SSDI?

For the SSI program, the total resource limit (which includes what’s in a checking account) can not be more than $2,000 for an individual or $3,000 for a couple. Again, there are no asset limits when it comes to the SSDI program. If someone is applying for the SSDI program, they can surpass that $3,000 limit, and it won’t matter as it doesn’t apply to them.

SSA Exceptions and Programs

Not every asset someone owns will count towards the SSI resource limit (remember, there is no such limit for the SSDI program). For the SSI program, there are some exceptions regarding what counts as a resource. The following assets aren’t taken into consideration:

• The home the applicant lives in and the land they live on

• One vehicle—regardless of value—if the applicant or a member of their household use it for transportation

• Household goods and personal effects

• Life insurance policies (with a combined face value of $1,500 or less)

• Burial spaces for them or their immediate family

• Burial funds for them and their spouse (each valued at $1,500 or less)

• Property they or their spouse use in a trade or business or to do their job

• If blind or disabled, any money they set aside under a Plan to Achieve Self-Support

• Up to $100,000 of funds in an Achieving a Better Life Experience account established through a State ABLE program

The Takeaway

When applying for Social Security benefits, having a savings account may or may not impact your eligibility. It depends on which program you are applying for. It is possible to have a savings account while receiving SSDI benefits. It’s also possible to have a savings account while receiving SSI, but there are limits regarding how much the value of the applicant’s assets (including what’s in their savings accounts) can be worth to qualify for support.

If you happen to be in the market for a savings account, take a look at your options.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How much money can I have in a savings account while on Social Security?

Personal assets aren’t taken into account, including savings, when applying for the SSDI program. For SSI, however, countable resources (including savings accounts) are capped at $2,000 for individuals and $3,000 for couples.

Does Social Security look at your bank account?

That depends. If someone is applying for Supplemental Social Security Income (SSI) benefits, their personal assets are taken into consideration when it comes to eligibility. With Social Security Disability Insurance (SSDI), applicant assets aren’t taken into consideration.

What happens if you have more than $2,000 in the bank on SSI?

If you have more than $2,000 in the bank and are on SSI as an individual (more than $3,000 if you are part of a couple), you will not receive benefits for that month. Your finances will be evaluated the following month to see if your assets have fallen and you therefore qualify.

Does Social Security check your bank account every month?

Money in the bank doesn’t affect Social Security disability benefits. However, there is a $2,000 to $3,000 limit (varies by household) for the SSI program.

Photo credit: iStock/MicroStockHub

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This article is not intended to be legal advice. Please consult an attorney for advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK-Q224-1862157-V1

Source: sofi.com

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What Is Social Security?

Can I Get Social Security Disability Insurance or Supplemental Security Income with a Savings Account?

Eligibility for SSDI

Eligibility for SSI

What You Have to Tell SS about Your Assets if You Want Benefits

How Much Can I Have in My Savings Account and Receive SSI or SSDI?

SSA Exceptions and Programs

The Takeaway

FAQ

How much money can I have in a savings account while on Social Security?

Does Social Security look at your bank account?

What happens if you have more than $2,000 in the bank on SSI?

Does Social Security check your bank account every month?