The group’s forecast predicts a gradual economic slowdown, with mortgage rates potentially settling near 7% by the end of the year. This could result in a slight dip in housing activity compared to previous projections. However, it is suggested that existing home sales will continue to see a modest upward trend, particularly compared to the … [Read more…]
RIYADH: Citizens will have easier access to home loans as the Saudi Real Estate Refinance Co. extends its refinancing agreement with Arab National Bank (ANB), adding SR500 million ($133 million).
This is the second deal of its kind between the Public Investment Fund-owned SRC and ANB, according to a statement.
This move signifies SRC’s ongoing efforts to support the Kingdom’s home financing market by expanding mortgage refinancing and offering funding solutions to real estate entities to drive growth.
“The purchase agreement for the investment portfolio worth SR500 million came to continue the company’s efforts with its partners to enhance financial sustainability in the real estate financing market in order to achieve the objectives of the Housing Program within Saudi Vision 2030,” Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said in a post on X.
He added that the deal aims “to enable financing agencies to provide appropriate solutions to citizens in their homeownership journey.”
The deal also underscores both parties’ commitment to supporting sector development by providing convenient property financing options to Saudi citizens.
Moreover, SRC CEO Majeed Fahad Al-Abduljabbar said: “With our shared vision to support the Kingdom’s housing market and enable accessible home financing solutions for Saudi citizens, we are pleased to extend our partnership with ANB.”
He added: “Through this partnership, we will further increase market liquidity that will enable the origination of new home financing portfolios.”
The CEO highlighted that this extension is not just a continuation of the collaboration between both entities but also a vital step in SRC’s commitment to supporting the strategic objectives of Vision 2030’s Housing Program.
On the other hand, Obaid Al-Rasheed, CEO of ANB, stated, “ANB is honored to continue our strategic partnership with SRC, reinforcing our joint commitment to the Kingdom’s housing sector.”
He added: “This enhanced agreement is a testament to our dedication to supporting the national vision. By increasing the origination of new home financing portfolios, we are not only contributing to strengthening the Kingdom’s financial ecosystem but also the objectives of Vision 2030’s Housing Program.”
In January, SRC and Al-Rajhi Bank entered into an agreement to expand the pool of new housing options for the Kingdom’s residents, involving the purchase of a real estate financing portfolio valued at SR5.8 billion.
Since then, SRC has signed a series of refinancing deals with leading banks and mortgage finance companies in the Kingdom, aiming to broaden Saudi citizens’ access to home financing solutions.
Through these agreements, the company offers liquidity, capital management, and balance sheet de-risking solutions to enhance the financing capacity of home financiers and originators.
The bathroom is often overlooked when it comes to a characterful and comfort-forward design scheme. A utility-first room with seemingly limited decor options, it’s not unusual for the washroom to be left until last. Much more likely to be fitted with a simple, sterile style that does the job (but not much else), many of our bathrooms have much more design potential than we’re giving them credit for.
Luckily, interior designers and homeowners alike are making more of the bathroom, and giving these tucked-away rooms stunning revamps worthy of the spotlight. With special attention to calm, cozy and comforting design features, they’re proving once and for all that the bathroom doesn’t have to feel different than the rest of the home. To get their top tips on how to design a bathroom that’s dressed to impress, we spoke to designers who love making these rooms into worlds of their own – here’s how to get the look at home.
7 expert-approved tips for designing anything-but-boring bathrooms
BC Designs. Instead, it’s part of a larger return to comfort in interior design, a reaction to years of pared-back, minimalist interiors that didn’t deliver on coziness or character.
‘I’ve seen it in bathroom design for close to six years but it has been accelerated in a post-pandemic world when we’ve craved our homes to comfort us, which has resulted in clinical bathrooms being out, and inviting, relaxing spaces being in,’ says Barrie.
Here, Barrie and other designers share their tried-and-true tips for designing a bathroom that doesn’t look like a typical bathroom, but rather blends into the rest of your carefully curated and perfected home.
1. Light the space with intention
Treat your bathroom like every other room across your home, and light it with intention. Create a calming, layered bathroom lighting scheme by using several types of light fixtures and considering the placements that will prove both functional and stylish over time.
Jo Plant, head of design at Pooky, says that though ‘gentle and warm’ ambient light should define an elevated bathroom space, you’ll want to place more intense lighting strategically throughout the room. By placing pendants or ‘a couple of small chandeliers’ throughout, you’ll achieve the first bit while leaving room for function-forward lighting, too.
‘For the most effective light, whilst remaining flattering, you want to use a wall light either side of a mirror. This ensures you can see what you are putting on your face, whilst also giving you the most effective levels of light you need if used alongside a flush pendant or spots,’ says Jo.
Helen Pett, Arteriors design ambassador, agrees. She says that ‘a pair of wall lights or sconces’ placed on either side of the main mirror ‘will eliminate shadowing’ and create a soothing, homey atmosphere all at once. Beyond that, she adds that creative lighting can make your small space feel larger, and make the ceilings feel higher, a luxurious touch that’s sure to upgrade the bathroom’s look and feel.
‘If you have high ceilings, low drop chandeliers are a wonderful option to add an element of luxury and decadence to the bathroom. Alternatively, a great tip if you are decorating a bathroom with lower ceiling height, opt for a smaller pendant on a shorter chain which will give the impression of beautiful soaring ceilings,’ says Helen.
2. Mix lush materials and textures
‘When designing your bathroom think about the aesthetics as well as the practicality – this is a space in which we all spend a lot of time relaxing in and functionality and style need to be considered,’ says Helen.
To get the luxury look down, and create a space that doesn’t scream ‘bathroom,’ Helen suggests ‘incorporating high-end materials such as marble, brass or crystal accents.’ Just because the bathroom is a high-use space that you won’t intentionally relax in often doesn’t mean it deserves bland, boring design details.
Give your bathroom the attention it deserves by investing in long-lasting, beautiful materials that’ll bring a smile to your face each time you enter. A similar effect can be achieved when you introduce lush textures into the space, whether through furniture, a washable rug or natural wood details.
‘I want to create bathrooms that seamlessly integrate with the rest of the home, as opposed to jumping onto a specific trend. So it’s really bringing that lived-in, yet elevated aesthetic into each space, creating something approachable and timeless all at once. One way I like to do this is by adding textures, such as vintage rugs, wallpaper, curtains or natural wood,’ says Amber Lewis, principal designer and founder of California-based Amber Interior Design.
3. Opt for statement wallpaper
‘Another key design element is the introduction of wallpaper, which we often associate with other rooms but can work easily as well in a bathroom,’ says Barrie. In fact, a small bathroom (whether a guest bathroom, powder room, or hidden-away en suite) is the perfect place to bring bold, patterned wallpaper that wouldn’t fit in with the rest of your home’s design scheme.
Add character to your bathroom by going bold, with color, pattern or both. By defining the small space with vibrant, exciting wallpaper, you’ll make your bathroom’s design scheme stand out all on its own – without needing help from the rest of the home.
4. Try out a moody color palette
If wallpaper isn’t your thing, or you’re a bit worried about upkeep, there’s no need to scale back your design scheme. Instead, opt for a dark, moody look using paint and architectural details that carry through the rest of your home.
Eugenia Triandos, principal designer of Montreal-based Hibou Design & Co., says that the bathroom’s placement within the home affords you plenty of unique design opportunities you might otherwise overlook. Opt for characterful crown molding or millwork atop a dark or sultry shade, and consider a coat of limewash or plaster for good measure.
‘People are increasingly viewing bathrooms as opportunities to incorporate fun design features. With the freedom of closed spaces, they can experiment with darker walls and wainscoting, making the bathroom feel less conventional,’ says Eugenia.
5. Include comfortable furniture
Furniture isn’t necessarily the first design feature that comes to mind when assembling your bathroom, but it shouldn’t be left out of the mix: ‘Part of the reason we are designing our bathrooms to look less like bathrooms is our desire to create unique and personal spaces. It is a trend that works best in larger bathrooms, as this provides the space to allow you to be creative, adding in items such as armchairs, vintage pieces of furniture, rugs and artwork,’ says Barrie.
Don’t count out a classy armchair or ottoman when designing your ideal bathroom look – though the bathroom probably isn’t your first-choice lounge space, you’d be surprised how many times a thoughtfully placed piece of furniture comes in handy. Whether you make use of a footstool while perfecting your makeup, or place clothing atop a pouf to make your post-shower ritual more relaxing, bathroom furniture can prove quite underrated.
‘When it comes to designing this style of bathroom, your main bathroom products – baths, toilets, showers, basins – don’t have a huge effect on the overall look. However, you may wish to choose an upcycled piece of furniture for a vanity unit in warm woods as this helps to bring to life the non-bathroom-bathroom trend,’ adds Barrie.
Amber adds that the addition of furniture to a bathroom space doesn’t have to go over the top: ‘While I’ve incorporated some gorgeous chairs and bench seating when space and architecture allow, it could be as simple as a small wooden stool or ottoman,’ she says.
6. Invest in custom vanities and built-ins
‘Custom vanities start to resemble furniture pieces, adding a touch of luxury while also serving to conceal bathroom aspects,’ says Eugenia, sharing that built-ins and bespoke bathroom fittings go a long way to elevate even the smallest of spaces.
‘Concealed water closets contribute to this trend, allowing for a more seamless integration of the toilet within the space. The concept of incorporating shower and toilet walls further aids in hiding typical bathroom elements, giving the space a more cohesive and sophisticated look,’ she adds.
Think out of the box when designing your ideal bathroom, and don’t leave any layouts or arrangements out of the picture. With so many bespoke solutions available, you won’t need to limit your grand ideas for the bathroom – and the final look can easily put style equally alongside function.
‘Ultimately, the goal is to make bathrooms feel like a natural extension of the home, complete with their own unique design features. People are beginning to think creatively about the space, not letting traditional “bathroom elements” hinder the overall aesthetic of the design,’ Eugenia adds.
7. Don’t forget the finishing touches
‘I am a big proponent of putting as much design effort into your bathroom as any other other space in your home. Invest in items like wall art, window treatments, wall mirrors and lighting to achieve a really elevated and serene look so that your bathroom will feel like a true sanctuary!’ says Kathy Kuo, interior designer and founder of homeware brand Kathy Kuo Home.
Final touches make the entire design scheme, and the bathroom is no exception. While Kathy opts for wall art and window treatments, Amber suggests ‘fresh florals in beautiful vessels, a catchall or tray, and some artwork.’ The options here are endless, and all you’ll need to consider is how to make the space feel like you. Traditional bathroom finishes in gorgeous colors and textures also contribute to a detailed, thought-out final product, adds Helen.
‘You can create a contemporary and luxurious scheme by pairing classic matte finishes with hints of metallic detailing. Introduce soft traces of gold with decorative additions such as an oversized mirror to make a big impact. This will reflect the light and give the illusion of a larger space whilst the ornate gold finish adds a layer of luxury to the overall look,’ she says.
Madison Avenue Steel Armed Sconce
Cabott 36” Single Bathroom Vanity with Marble Top
4 – Piece Bathroom Hardware Set
Renovating, redoing, or refreshing your home shouldn’t exclude this crucial room – your relaxing, spa-like escape awaits! Make your bathroom stand out as a space of its own with these trusted tips. From ambient lighting to living room-worthy seating, you’ll never see the bathroom the same way.
Want to make extra money? Here are 21 ways to get paid to answer questions from home. Making extra money has become easier than ever, and answering questions online is a flexible way to earn cash. There are websites and apps where you can share what you know about different topics to make money. It’s…
Want to make extra money? Here are 21 ways to get paid to answer questions from home.
Making extra money has become easier than ever, and answering questions online is a flexible way to earn cash.
There are websites and apps where you can share what you know about different topics to make money. It’s a convenient way to make some extra cash on the side, and you can do it whenever it fits into your schedule.
Plus, you get to answer all kinds of interesting questions, from easy surveys to giving expert advice.
I have been getting paid to answer questions for years, through many of the ways listed below, so I know that these are real!
21 Ways To Get Paid To Answer Questions
Below are 21 ways to get paid to answer questions:
1. JustAnswer
Are you good at fixing cars or know why cats behave the way that they do? If you have knowledge in a specific area, JustAnswer might be your route to earning extra cash. On JustAnswer, individuals and professionals like you get paid to share their expertise and help others with their questions on your own schedule.
On JustAnswer, there are different types of experts like mechanics, doctors, lawyers, veterinarians, home experts, appraisers, consultants, computer and tech experts, and more. They have many categories with questions that need to be answered.
When someone has a question, they can go to JustAnswer and pay a fee. Then, JustAnswer finds an expert who knows about the topic to answer their question (these are typically detailed answers with insight).
JustAnswer says that if you’re qualified and answer questions online, your earning potential could be between $2,000 and $7,000 every month.
To become an expert on JustAnswer, you apply online. In this application process, they check your credentials to make sure you’re qualified as well as do a background check. Once approved, the JustAnswer team gives you a quick meeting to show you how to use the platform. It usually takes about a week to get verified after you apply.
You can get paid through direct deposit, PayPal, or Venmo.
2. User Interviews
At User Interviews, you can make between $50 and $100 an hour simply by participating in market research studies.
Big companies such as Macy’s, Home Depot, Spotify, Trip Advisor, Pinterest, and Amazon use User Interviews to hear what people think about their new products, apps, and websites.
You don’t just fill out surveys; these studies involve interacting with interviewers. They’ll ask questions, and your honest feedback can influence products and services.
Every month, User Interviews launches over 2,000 new studies. Last year, they paid over 87,000 participants.
I did a user interview and earned $400 for just one hour of work. It was easy – all done online with a video call. They wanted my thoughts on a new feature for a website.
Please click here to learn more about User Interviews.
3. Become a blogger
Starting a blog can be a fun way to share what you know and make money. Blogging means writing articles, or “blog posts” that get put on a website. You can write about lots of topics, like travel, food, or helping others with your expert advice.
When you blog, you can make money such as by:
Ads – You can put ads on your site. When people visit your blog and see or click the ads, you get paid.
Affiliate marketing – This is when you talk about products and give a referral link. When someone buys the product using your link, you earn a commission.
Selling products – Create things like ebooks or courses. When people buy them, you make money.
I started Making Sense of Cents in 2011. Since then, it’s helped me make over $5,000,000. I started it just to share my money journey, without even knowing that websites could make money.
And, I get paid to answer questions all the time! Many of the articles that I write have been inspired by questions that I have personally been asked by my readers. Readers will send me questions via email every day, and many times I will turn these questions into a new blog post.
You can learn more about starting a blog at How To Start A Blog FREE Course. Over 80,000 people have taken this course already. Join for free, and I’ll teach you what you need to know from setting up your blog to making money and getting readers.
There are other ways similar to this that you can get paid to answer questions too, such as by starting a YouTube channel.
4. Swagbucks
Swagbucks is a well-known rewards site where you earn money for doing surveys and other tasks. It began in 2008, and every day they give out 7,000 gift cards to their members. Yes, each day!
I’ve used Swagbucks to get Amazon gift cards and PayPal cash without much work. I’ve earned over 110 gift cards from them over the years.
When I logged into Swagbucks, I had 26 surveys to choose from. Each one took less than an hour and paid less than $10. For instance, one asked about my dining preferences, like how I find new places to eat and what kinds of food I like when I go out.
Another positive of Swagbucks is that payouts are easy to get and have a low minimum threshold.
Please click here to learn more about Swagbucks.
5. Freecash
Freecash is an online platform where you can earn extra cash. It teams up with businesses that need consumers to check out their products.
You sign up and do tasks like trying out apps, playing fun games, or answering surveys. Many times, you will be asked to answer questions and give your review on an app.
The amount you earn with Freecash varies. If you spend some time on it every day, you might make around $10 daily. Some users spend more time and report earning hundreds monthly, with a few reaching a thousand or more each month as well.
Click here to sign up for Freecash.
6. American Consumer Opinion
American Consumer Opinion is a free paid online survey company I really like. They pay you for each survey you do. You can make between $1 and $50 per survey, depending on how long it is.
American Consumer Opinion has paid over $30,146,855 to people who take surveys, with over 20 million surveys completed. They’re one of the most popular survey sites online.
You can sign up for American Consumer Opinion here.
7. InboxDollars
InboxDollars is a website where you can earn money by doing things like taking surveys, playing games, watching videos, shopping online, and more.
Most surveys on InboxDollars pay between $0.50 and $5.00 and take 3 to 25 minutes. If you meet certain criteria, you could even earn $10, $20, or more per survey.
By signing up through my link, you will receive a free $5 bonus! Sign up for InboxDollars here.
8. Survey Junkie
Survey Junkie is a platform where you can make money by sharing your opinion. If you take three surveys every day, you can earn up to $40 a month. It’s a simple way to add some extra cash to your wallet just by answering questions.
To make the most out of Survey Junkie, act fast when new surveys come out. Surveys have limited spots and can fill up quickly. Fill in your surveys honestly to avoid disqualification. Plus, by taking a quick tour of the site, you can snag some extra points.
Please click here to sign up for Survey Junkie.
9. Branded Surveys
Earning extra cash with Branded Surveys is both easy and rewarding. When you sign up, which is totally free, you can start taking surveys that pay you between $0.50 and $5.00 each.
Branded Surveys is a free survey company where you can earn cash and gift cards like Amazon and iTunes. They have over 2 million members and have paid out over $24,000,000 to their members. If you join today, you’ll get a free 100-point sign-up bonus.
There are many different payment options as well, such as gift cards and PayPal cash.
You can sign up for Branded Surveys here.
10. Prime Opinion
Prime Opinion is a survey platform that lets you make money by sharing your thoughts in online surveys. It’s easy to use and rewards you with PayPal cash or gift cards for your opinions, all without leaving home.
When I logged in recently, I had over 40 different available surveys that I could take, ranging from just a few minutes to around an hour.
There are many payout options too, such as Visa cards, PayPal cash, and gift cards.
Please click here to join Prime Opinion and get up to a $5 free bonus.
11. Five Surveys
Five Surveys is a paid online survey site that is easy to use, and you can get paid to answer questions online. Once you complete five surveys, you can claim $5. So, you get paid $1 per survey no matter how short or long it is, as long as you complete it.
Once you’ve earned, withdrawing your money from Five Surveys is easy and you can pick from multiple methods to receive your funds, whether you prefer direct payment or redeeming rewards like gift cards for popular retailers.
Please click here to sign up for Five Surveys.
12. Chegg
Have you ever thought about making money while helping others with their homework?
Chegg is an option you might want to consider. Chegg is a platform where students ask for help on their schoolwork, and experts like you provide answers.
The payment on Chegg can vary. They have a system where you earn more based on the number of questions you answer.
13. HelpOwl
HelpOwl is a site where you can earn points for helping others with their questions.
You can get 1,000 points for your first accepted answer. For any answers after that, you can get 100 points. Plus, each time your answer is marked as helpful, you can get an extra 10 points. Manuals get you even more points (but are much more detailed).
Your points can be redeemed for Amazon and Walmart gift cards.
14. PrestoExperts
PrestoExperts is a site where you can share your expertise and get paid for helping others. It doesn’t matter where you are, as you can answer questions from your computer or phone.
If you are knowledgeable about topics like law, health, or even tutoring, you could be in demand. There are over 600 different categories that questions are asked about, so there is probably a topic that you can answer.
15. Studypool
Studypool is an online platform where you can earn money by helping students with their questions. If you’re an expert in a particular subject, you can make cash by giving students the answers and explanations they need.
Once you’re approved, you can start answering questions. You decide how much your help is worth and can set your own prices.
Tutors at Studypool get paid for each question they answer. But, the site does keep a commission. This commission can be between 15% and 30%, depending on how active you are on the platform.
16. BestMark
BestMark is a top mystery shopping company that I have personally used.
This is my favorite mystery shopping company, and it’s the one I’ve used for all my mystery shopping. I’ve done over 50 mystery shops with them, and I have been paid to answer many questions through their site.
BestMark has mystery shopping jobs at places like restaurants, beauty stores, clothing stores, electronic stores (like Best Buy), car dealerships, movie theaters, retail stores, phone calls (for example, where you call the store to evaluate their customer service over the phone), entertainment attractions (like go-kart tracks and theme parks), and banks.
Businesses use mystery shopping to check and improve their customer service and products. They hire mystery shoppers to act like regular customers, visit their places, and give detailed feedback. Your job is to observe, interact, and share your thoughts on the entire experience.
17. Premium.Chat
If you have a website or social media account with followers, then Premium.Chat gives you a way to earn money by sharing your expertise through texting. Whether you’re a coach, tutor, entertainer, social media influencer, model, teacher, or any kind of advisor, this platform may work for you.
You can earn money by text chatting and charging per minute (from $1.00 to $5.99) or up to $50 for a single chat. You can also get paid for video calls.
The platform manages billing and payments, so you can just focus on chatting. You’ll receive payments via direct deposit or PayPal on the 10th of each month for the previous month’s chats.
18. BetterHelp therapist
BetterHelp is a top online therapy platform where you can offer text therapy and schedule video sessions and make a full-time income.
There are over 33,000 therapists on this platform, and they are always looking for more therapists.
As a BetterHelp therapist, you can earn around $100,000 per year for working 40 hours a week. You also get a monthly health insurance stipend of $450 to $650, bonuses for high performance, and other benefits. They ask for at least 3 years of experience in therapy for adults, couples, or teens.
19. Maven
Maven is a site where you can earn money by sharing your expertise. If you’re someone with a wealth of knowledge in a specific field, Maven can be your platform to make money by answering questions.
Maven is an online course platform where you can create a course that answers questions. There are courses on all different kinds of subjects on Maven, such as AI, design, engineering, marketing, business, leadership, and more.
20. Weegy
Weegy is a question-and-answer site where anyone can ask a question and earn money by answering questions anywhere, anytime and from your desktop computer, tablet, or smartphone.
With Weegy, you can earn around 20 cents for each question you answer, on average. The amount may vary based on how accurate and detailed your answer is.
21. Online tutor
An online tutor is someone who helps another person learn more about a specific subject, such as math, grammar, science, physics, geography, and more.
As a tutor, you could spend 30 minutes teaching a lesson, a few minutes answering questions online, or having a one-on-one video lesson with a student.
You may get paid to help answer questions as a tutor for high school students, college students, or even elementary students. Many people need tutors!
I recommend reading 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour) to learn more.
Frequently Asked Questions
Below are answers to common questions about how to get paid to answer questions.
Can I get paid for answering questions?
Yes, you can get paid for answering questions. Websites like JustAnswer pay experts from different fields to answer users’ questions. If you’re knowledgeable in a specific area, you could earn money by helping others. There are other ways to get paid to answer questions as well, such as by creating an online course or starting a blog.
How much do you make on JustAnswer?
On JustAnswer, your earnings can vary widely based on your area of expertise and the complexity of questions you’re answering. The potential pay ranges from $5 to $35 per question, but it greatly depends on how much time and effort you invest.
Which app pays for answering questions?
Swagbucks is an app that rewards you for answering questions and completing surveys. By answering daily polls and trivia, you can accumulate points, which can then be converted into gift cards or cash.
What trivia app pays real money?
Swagbucks has trivia games that can pay real money. There are also other apps made for trivia, where you can earn cash by correctly answering questions on different topics.
Does Quora pay you to answer questions?
Quora doesn’t pay for questions and answers directly, but they do have a program called the Quora Partner Program. If you’re eligible and contribute high-quality content, you can earn money through it.
How To Get Paid To Answer Questions
I hope you enjoyed this article on how to get paid to answer questions.
If you like helping others or sharing what you know, you can earn money for it. Some are a side hustle, and others are a full-time job or business.
Depending on the website or app you use, you might get paid directly, earn points that you can turn into cash or gift cards, or even receive tips. Each place that pays you to answer questions has its own rules and topics, so you can pick the ones that interest you most and match your skills.
I have been earning a full-time income for years by answering questions for others, and I really enjoy it. From mystery shopping to surveys, focus groups, blogging, and more, I have done many of the ways to get paid to answer questions on the list above.
Are you interested in learning how to get paid to answer questions?
There are twin benefits for lenders who prioritize compliance: If managed properly, it can help avoid both buybacks and regulatory sanction.
But it is also viewed as a sunk cost at some firms, especially at a time when the bottom line is under pressure. Last year, lenders lost an average of $1.056 per origination, with expenses per loan at $11,258, both record amounts, the Mortgage Bankers Association said.
“The biggest concern [right now about compliance] isn’t necessarily a specific issue,” said Al Pitzner, co-founder and head of compliance strategy at a newly created firm Conforma Compliance Group. “It is a broader reluctance to view compliance as something other than a cost center.”
During this era of mortgage job reductions, entire compliance departments have been let go and rather than leaving at least one skilled person in place, companies have given the task to a single operations person who reports to someone in a business unit.
“What I see as being a net result of that is when you get to 2025, and you’re doing a two year look back, you won’t be able to establish that even if you cherry pick the most important issues it’s going to be apparent to a regulator that the culture of compliance with the industry was not to pay attention to compliance at all,” Pitzner said. “I see a potential wave of enforcement actions happening in 2025 and 2026.”
The Federal Housing Administration recently announced it fined over 70 program participants between $5,000 to almost $12,000 in federal fiscal year 2023.
While False Claims Act enforcement has fallen off since the peak of the Obama Administration, it is still a costly violation. Last June, Movement Mortgage agreed to a $23.75 million settlement with the Justice Department.
Pitzner founded Conforma with a fellow former chief compliance officer, Ed Miller. The new firm can perform the compliance work for the lender, or help them build this function up in-house, Pitzner explained.
Repurchase demands from the secondary market because of defects in manufacturing are also likely to rise because of the reduction in staff, Pitzner said. While the loan production defect rate fell in four consecutive quarters to 167 basis points, that was from a record 247 basis points, according to the third quarter 2023 report from Aces Quality Management.
Conforma is not the only recent entrant. Gate House Compliance was established as a subsidiary of Gate House Strategies in February. Among the key people at that firm is former Department of Housing and Urban Development Deputy Secretary and two-time Federal Housing Commissioner Brian Montgomery and Michael Waldron, at one time the chief compliance officer at Community Loan Servicing.
During a February interview with National Mortgage News, Montgomery compared views company boards might have regarding fair lending compliance with some past attitudes about cybersecurity, becoming concerned only after the spate of breaches.
“The regulators are darn serious about this,” Montgomery said, noting for lenders it involves headline risks and reputational risks, as well as fairness.
For example, back in December, Navy Federal Credit Union was sued following headlines over its fair lending practices. At this point, the damage has already been done to the company’s reputation, Montgomery noted.
“The unique offering here is how we’ve pulled together folks with deep and diverse backgrounds to add value to the industry and to the client base,” Waldron said. “I think one of the issues that folks have is when they receive advice, how do they actually operationalize it?”
Because of the diverse backgrounds of the people behind Gate House Compliance, makes that advice more valuable to their clients, Waldron said.
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You are struggling to make money.
And right now, you need to figure out how to turn 100 into 1000.
Plus you want to do this preferably fast!
We will share a few of the most important ideas that you can take to turn 100 dollars into 1000 in a day. These are simple and easy-to-follow strategies that anyone can follow without any prior experience or skill set; just some determination.
If you do not want to earn $1,000 in just one day, then this article is not for you.
However, if your goal is to turn 100 into 1K over time and build multiple streams of income that last forever–this post will provide some insight on how it can be done.
At the end of this guide, I’ll leave you with 10 key points about how to get started on your path towards turning 100 dollars into 1000.
Make the most of your time, because you’re running out of it!
How to Turn 100 into 1000
To turn 100 into 1000, you want to multiply your initial investment 10x.
That is a big promise!
The great news is this is something that can be easily achieved. Actually, way easier than you could possibly imagine.
Your goal is to learn how to turn 100 into 1000.
For some of you, you may want to learn how to turn $100 dollars into $1000 in a day.
Regardless of if you want to know how to turn $100 into $1000 in 30 days or a week, you will learn strategies to help you create more income streams. And that my friend is a win that will put you on a trajectory towards financial stability!
This is how can I flip my money…
Step One: Set Your Goals
When trying to reach a goal, you should be able to work on it on the same day. In order for this process, one must know what obstacles they might face and how they can overcome them with simple tactics.
It is important to set goals when trying anything new because they help keep the process moving forward.
In addition, when working towards a goal one needs to have an “end game” or at least something that will satisfy their objectives after achieving success. This is important because if someone sets out with no end-game (or doesn’t even think about it) then there is no sense of motivation or purpose.
Finally, it’s important to have a strategy for attaining your goal that is not too difficult and also ensures the best possible results are attained in the quickest amount of time.
Step Two: Create A Plan
The biggest obstacle with almost any make money idea is how people perceive them before they’ve had time to prove themselves.
You jump right in without taking the time to learn the new skill. Thus, you end up losing money quickly, which is exactly the opposite of what you wanted to do.
While you can know how to turn $1000 into $1000 in a day, you need a plan to make sure that happens on a consistent basis.
The most important step in the process of turning $100 into $1000 is to create an action plan.
A written document of what you plan to do. Include some of these items:
Write down your Make Money Idea
Skill sets you must learn
What steps do you need to take to reach your goal
Mind map out all of the possibilities as well as obstacles
How to market yourself or your business
Timeline to achieve your end goal
Steps to reach your goal.
More than likely, making over $1000 is not something you want to do once and be done. It will be something you want to rinse and repeat.
Put in the proper work, so you can see successful results.
Step Three: Take Action
The third step is to take action. You can’t just sit around and wait for success to come knocking on your door; you have to do something about it!
While it is great to plan what you want to do, you need to take action.
If not, you will never see results.
Also, it is important to set milestones in order to track your progress.
Ways to Turn $100 into $1,000
The average person spends $100 a month on their phone, cable, and coffee. If you want to make sure that your money is going towards the things that will help increase your wealth, then you need to learn ways to turn $100 into $1000.
Here are 12 simple ways that can be taken to turn $100 into $1,000.
Each idea will help you accomplish the goal of turning 100 dollars into 1,000 dollars in a short amount of time.
You just have to put in the work and dedication.
#1 – Start a Blog
Starting a blog is not an easy task and takes hard work.
A blog can be a lucrative career for those who are passionate about writing and sharing their expertise. Blogs make money through ad revenue, affiliate marketing, sponsored posts, and selling digital products.
The process of starting your own blog starts when you decide on the topic that interests you, create a website for it, design the layout, write posts about what’s happening in your life or what has happened in yours recently (almost every day), post pictures to show how much progress has been made with building content for your site and then finally sharing it online!
Starting a blog can be relatively inexpensive, but the income potential is high.
Check out the course roadmap and find out where to start first!
#2 – Open an Etsy shop or Shopify store
Etsy is a marketplace for handcrafted items that provides free tools to help you start an online shop. Use the site’s search engine, browse its features, and find products that will be popular with your target audience.
An Etsy shop is a great way to create a business and make money. It can allow you to sell whatever you want, with the potential for making more than $1,000.
The same is true for a Shopify store.
# 3- Invest in Stocks
This is my personal favorite way to turn 100 into 1000. Yes, that is true! While a blog is great, this allows more time freedom in my life with true passive income.
Investing can be a powerful way to turn $100 into $1,000 (over and over again). There are many ways to do this, but one thing is certain: investing has a foundational role in becoming independently wealthy.
Here is the BIGGEST CAVEAT to investing in stocks: you must learn how to trade and be successful.
Don’t just assume you can jump in and start to make $1000 in a day or follow some guru.
You must take this investing course.
If you don’t come back once you lost more money and invest in a proper stock market investing course.
You can start investing for as little as $100.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Oh, and please stay away from Robinhood as a brokerage firm. Also, don’t jump into forex until you have some serious knowledge under your belt.
#4 – Invest in Real Estate
Investing in real estate is an excellent way to diversify your portfolio and it’s also a great way to make money.
Real estate is one of the most secure investments with low risk, but it also has the potential to provide stable returns. It’s important to choose a real estate investment strategy that is suited to your risk tolerance and any capital constraints you may have.
You can invest in real estate by purchasing a single property, multiple properties, or buying fractional shares. There are many different portfolio types that meet your needs and risk tolerance.
Real estate investment is a smart way to get passive income.
#5 – Get into Freelancing
As a freelancer, you have the opportunity to work with different companies and organizations. You decide where your next job is based on what you like best about each company or organization.
Freelancing is a unique way to work and offers the opportunity to do something you love without having to worry about someone else.
You don’t need to have a lot of money to start freelancing.
The internet has made it easy for people with skills and expertise in many fields to make money, even if you do not have any experience or credentials.
Freelancing is a way for people to earn money without having an employer. It might be intimidating, but it’s worth the effort and investment of time. You can start by building your portfolio website that will help you convince clients in order to get your foot in the door with freelancing opportunities.
Freelancing is a great way to earn income while still having time for personal life.
Get started with Fiverr!
#6 -Flip Digital Assets
A flip digital asset is a physical object that can be used to collect data from a device, such as a computer or mobile phone. This allows for the collection of information without having to install additional software.
These are the three types of digital assets that are currently available for purchase: cryptocurrencies, utility tokens, and collectibles. It is important to note that these currencies can be bought or sold at any time with no transaction fees.
However, it may take some time before you see your initial investment grow significantly due to large volatility in cryptocurrency prices or NFTs.
#7 – Start Service Businesses
Start businesses that provide services, such as childcare, lawn care, or housecleaning. The rules of business are always changing and it’s important to be able to adapt your business plan accordingly.
When starting a service business, the most important step is to have an idea for your service.
You can start by thinking about what you enjoy doing and then finding a way to monetize it. For example, if you are good at social media marketing, you could create an Instagram account with different types of content that would attract people who are looking for services similar to yours.
If you like dogs, start a business by dog walking or pet sitting. You can take it one step further and provide products your clients need like leashes, treats, and poop bags. This is great if you have a passion for animals.
Service businesses such as cleaning and lawn care can be started for a few hundred dollars or less.
You are trading your time for money.
#8 – Learn a New Skill
Learning a new skill is not an easy task.
It takes time, energy, and patience to master something that you have never done before.
However, it can be worth the investment in your future if you are able to use the skills learned for work or different hobbies later on down the line.
Plus many new skills can be used to help you make more money fast.
This is also one of the best ways to create your own financial future if you want it, which will make your life significantly better and happier.
Find a job that pays a lot of money
Increase your skills and qualifications to find a better-paying job.
Start studying for an exam or qualification people will be willing to pay more for, such as a degree or certification.
Network to find out more information about how much money you could be making if you were in the job of your dreams and what qualifications may be required for it.
Learn everything you can to be successful with your new side hustle.
In order to learn a new skill, you’ll need to set some time aside. You can decide on how much time you want to spend learning a new skill by deciding the frequency of practice.
Think about how many hours per day you want to spend practicing the skill. For example, if you want to learn a new juggling skill, you could decide that every day for 15 minutes will be dedicated to practice. If you want to learn a new skill every day, it will take about 30 minutes per day.
#9 – Couponing
Couponing is a very popular way to save money on grocery items.
Couponing involves finding coupons for specific items and looking to see if the coupon has been used before. In order to save money on groceries, it is important to check the expiration date of any coupons and to remember to use them before they expire.
This is a backward way of stretching spending $100 to get $1000 worth of product.
Couponers may be extreme couponers who stack coupons, compete with other stores, and use rebates to get items for 95% off or more.
# 10 – Loan your $100
A loan is a sum of money that somebody borrows from somebody else, who agrees to give it back with interest. The lender may be a bank or other financial institution, while the borrower must be a person, a company, or a government. The money is lent for a specific purpose, such as buying property or starting a business.
This is the riskiest idea and not my first pick, but it’s another passive income idea to test out.
This is an opportunity for people who want to take their $100 and turn it into $1,000 by loaning them back the money that they’ve given you.
#11 – Day Trading
Day trading is an investing strategy that entails buying and selling securities during the same trading day.
You are looking to profit by trading in the short term. The same is true with swing trading while holding investments from two days up to a month.
Only invest what you’re able to lose!
If you are serious about day trading, you can make good money with proper risk management. But, you must invest in this investing course.
#12 – Invest in Crypto
Investing in cryptocurrency is a risky investment, but it can pay off if you’re careful.
It’s important to keep your personal information secure when investing in cryptocurrencies, and never access an exchange account with the same password you use for your bank account.
Today, there are many different cryptocurrencies that you can invest in. Cryptocurrencies are becoming more and more popular with every day passing by. Cryptos are very volatile, so it’s important to invest in them with caution.
How to Be Successful when turning 100 into 1000
The concept of success can be difficult to define.
Success is something that is elusive, elusive in nature. Most people quickly dismiss the thought of achieving anything with this elusive ability.
The goal of attracting more money is to inspire you to make more out of what you have.
A little goes a long way to help everyone achieve their goals.
Here are a few things you need to focus on for long term success:
Be disciplined. This is the key to getting results in any area of your life.
Practice. Practice, practice and more practice.
Work Hard. One of the most important steps is to work hard on your craft. This will lead to natural success in your field or area of expertise.
Find Mentors. Another important step in getting results is to find mentors who are already successful and take time to learn from them what they did, how they did it, and when. This will help you avoid the mistakes they made.
Spend Money to Make Money. Don’t be afraid to spend money on what will bring about success for you and your company. Spending time making sure that people know who you are and what you do is a great investment!
Time Block. Another key component to successful results is being disciplined with your time. Make sure that every hour of the day has been dedicated to a project that is going to bring you closer to your goal.
Start Now. The final step I have for you in this journey of success is the most important one, which is to do it now. Don’t put off what you know will make your business grow.
The most important thing is to do it now!
This post will help you double it and make 2000 fast!
Try these 10 simple steps to attract massive results
For many people, the thought of turning 100 into 1000 dollars is difficult to achieve.
They just see how quickly money dwindles away and they are stuck in the scarcity mindset.
Turning 100 into 1000 is not as easy as it seems. But, if you can get over that mental roadblock with these 10 simple steps, you are on the right path.
1) Set an income goal- you’re worth it! What do you want your net profit per year to be? Write it down. Whatever your number is, you need to double it as an income goal for now.
2) Maintain a positive attitude- be grateful and enjoy life! You deserve this!
3) Believe that you can do it- your future is bright!
4) Don’t give up hope on the things you want.
5) Give generously to others, but also hug yourself.
6) Write your goals down and post them for everyone to see, then read them aloud every night before bed!
7) Visualize the life you want- it’s time to create a life of abundance!
8) Take care of your body by eating right, exercising, and getting enough sleep.
9) Stay calm in the face of adversity- you’re an unstoppable force!
10) Believe in yourself and what you’re capable of- anything is possible!
Ready to turn $100 into $1000
What if you could make more money and live a better life?
How would that change your world?
This is why I gave you the simple steps to make 100 into 1000.
This is how can I turn $100 into $200? Then $100 into $1000.
If you want to make more money, this is one of the best ways to do it.
This is your first step on how to become financially independent.
You can be in business for yourself or create a company that will generate a lot of money. You can do this from home or anywhere that’s a good location for you.
In today’s era of online work environment, there is a growing trend to make money hustling on the side.
Trust me, any of these 100 into 1000 ideas is going to blow your mind.
Don’t keep reading; jump in and start doing it!
More Make Money Resources:
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
You can make money as a freelance writer. Learn techniques to find those jobs and earn the kind of money you deserve! Plus get tips to land your first freelance writing gig!
Learn how to buy and resell items from flea markets, thrift stores and yard sales. They will teach you how to create a profitable reselling business quickly
…no matter how much or how little experience you have.
Learn how to supplement your daily, weekly, or monthly income with trading so that you can live your best life! This is a lifestyle trading style you need to learn.
Honestly, this course is a must for anyone who invests. You will lose more in the market than you will spend this quality education – guaranteed.
Read my Invest with Teri Review.
Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.
This course is designed for freight brokers in any setting, regardless of their employment status.
If you want to start your brokerage, we’ll show you exactly how to do it. If you are an agent or employee of a brokerage, we’ll take you through sales and operations modules designed to help you source more leads and move more freight.
The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.
Monica helps thousands find momentum and create revenue streams in their businesses.
After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.
Leaving behind the stress of teaching, now he sets his own schedule and makes more money than he ever imagined. He grew his account from $500 to $38000 in 8 months.
Check out this interview.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
When you open an individual retirement account (IRA) or 401(k), you can generally choose from a variety of different types of investments, such as stocks, bonds, options, real estate, and more. You may also be able to put some of the money in a money market account, where it will typically earn a higher annual percentage yield (APY) than in a traditional savings account yet still remain liquid.
While you might choose to keep most of your retirement savings in potentially higher-return investments, it may make sense to keep some of your retirement funds in a money market account, since it is a relatively low-risk place to store cash. Even if the return may be lower than other investments, it’s predictable.
Another reason to have some of your retirement money in a money market account is to serve as a holding place as you sell investments or transfer money between investments.
Unlike a regular money market account, a money market account that is offered as a component of a retirement account is subject to the benefits and restrictions of those accounts. Here’s what else you need to know about retirement accounts that offer a money market component.
What Is a Money Market Account That Can Be Used for Retirement?
While there is no such thing as a “retirement money market account,” some retirement accounts allow you to keep some of your money in a money market within the account. The money market account (MMA) could be within a traditional, rollover, or Roth IRA, a 401(k), or other retirement account, which means those funds are governed by the rules of that account.
If the MMA is a component of a traditional IRA, that means you can contribute pre-tax dollars (up to certain limits), your money can grow tax deferred, and you won’t be able to withdraw funds before age 59 ½ without paying taxes and penalties.
Money held in the money market component is liquid. This is usually where money is held when you first transfer money into your retirement account, or when you sell other investments in your account. You can use the funds in the money market to purchase investments within the retirement account.
Recommended: The Different Between an Investment Portfolio and a Savings Account
What Is a Money Market Fund?
Bear in mind an important distinction: A money market fund, which is technically a type of mutual fund, is different from a money market account. A money market fund is an investment that holds short-term securities (and is not insured by the Federal Deposit Insurance Corporation, or FDIC). For example, these funds may hold government bonds, municipal bonds, corporate bonds, cash and cash equivalents.
A money market account is essentially a type of high-yield savings account and it’s FDIC insured up to $250,000.
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How Does a Money Market Within Your IRA Work?
If you are starting a retirement fund that has a money market component to it, you’ll want to make sure that you understand how these money market accounts work. One major way they differ from regular money market accounts is that they are governed by a retirement plan agreement.
This can place some limits on what you can do with the money. Typically, that will mean that you can’t withdraw the money until you have reached a certain age. But one advantage is that the money in the account will grow tax-free or tax-deferred (depending on what type of retirement account it is in).
For example, a money market account in a Roth IRA would follow different rules than money in a traditional IRA.
• You can deduct contributions to a traditional IRA, but a Roth IRA is funded with after-tax money.
• You can’t withdraw money from a traditional IRA until you’re 59 ½, except under special circumstances.
• Because contributions to a Roth are post tax, you can withdraw your contributions at any time (but not the earnings).
Advantages of a Money Market Account Held Within a Retirement Account
• Since these accounts are held at a bank, they are insured by the FDIC up to $250,000. By contrast, money held in a brokerage account is not FDIC-insured.
• The money market component can be used to store proceeds of the sales of stocks, bonds, or other investments.
• Many money market accounts offer the ability to write checks against the account (just keep in mind that withdrawals are subject to restrictions).
Disadvantages of a Money Market Account Held Within a Retirement Account
• Money market accounts offer a relatively low rate of return compared to what you might be able to earn in the market over time.
• Opening this type of money market account requires opening a retirement account.
• You may not be able to withdraw money until retirement age without paying a penalty.
Money Market Account Within a Retirement Account vs Traditional Money Market Account
The biggest difference between a money market account that is a component of a retirement account vs. a traditional money market account is where they are held. Unlike a regular money market account, the money market component is held inside a retirement account, such as a 401(k) or IRA account.
While you can generally access money in a traditional money market account at any time, early withdrawal from a money market that is part of a retirement account can trigger taxes and penalties.
Recommended: What is an IRA and How Does it Work?
What Should I Know About Money Market Accounts Held Within IRAs?
If you are wondering how to save for retirement, there are a few things to keep in mind before opening a retirement account with a money market component.
The most important is that money put into the money market component is subject to the same conditions as any other money you invest into a retirement account. You generally will not be able to access it without penalty until you retire.
You’ll also want to bear in mind that these are low-risk, generally low-return accounts. The money that you deposit, or money that is automatically transferred, is not going to provide much growth.
In some cases, when you open a retirement account, the funds will be automatically deposited in the money market component. In these instances, be sure to check that the money in that part of your account is then used to purchase the securities you want. Given the relatively low yield of an MMA, you may only want a certain portion of your savings to remain there.
Opening a Money Market Account That Is Part of an IRA
If you want to put some of your retirement savings in a money market account, you likely won’t be able to open the account separately, as you can with a traditional MMA.
Instead, you would open a retirement account with your bank, brokerage firm, or company provider. Depending on your IRA custodian, they may automatically include a retirement money market account as an investment option inside your IRA account.
Does It Make Sense to Put Retirement Funds in a Money Market?
There are many different types of retirement plans, so you’ll want to make sure to choose the options that make the most sense for you. While it might make sense to put some money into the money market component of your 401(k) or IRA, you might not want to put much money in it.
The reason for this is due to the relatively low interest rate that money market accounts pay. In some cases, the interest rate may be lower than the rate of inflation. If so, the money kept in the money market component will lose purchasing power over time.
The one exception to this rule would be retirees who are currently living off of the money in their retirement accounts. These investors already in retirement will often want to keep some of their money in money market accounts so they have to worry less about market volatility.
Alternatives to Money Market Accounts Held Within Retirement Accounts
There are any number of low-risk alternatives to money market accounts within retirement accounts, including vehicles outside a retirement account, such as a high-yield savings account. For similar alternatives within a retirement account, you could consider investing in bonds, bond funds, and other lower risk investment options.
The Takeaway
A money market account is often a component of a retirement account, such as an IRA or 401(k). This type of account has the advantages of being FDIC-insured and fairly liquid. However, it may not earn enough interest to outpace inflation. Many investors will want to keep the money in their retirement accounts in investments that can provide higher rates of return. That said, one advantage to keeping some of your retirement funds in a money market is that it can become part of the low-risk, cash/cash equivalents portion of your portfolio.
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FAQ
Can you keep some of your retirement funds in a money market account?
Yes, some retirement accounts offer a money market component. To keep some of your retirement savings in a money market account, you’ll need to open up an individual retirement account (IRA), 401(k), or other type of retirement account. Many retirement account custodians will include a money market account as one “investment“ option for your account.
What is the difference between an IRA and a money market account?
A standard money market account is similar to a regular savings account. An Individual Retirement Account (IRA) is an account that allows you to save for retirement with tax-free growth or on a tax-deferred basis. An IRA account can be used to invest in a variety of different ways. Many IRAs will have a money market component to them.
What is the difference between a money market account and a 401(k)?
A money market account is similar to a savings account in that the money is liquid and earns interest. A 401(k) is a special tax-advantaged account designed to help people prepare for retirement.
With a 401(k), contributions are typically tax-deductible and the money grows tax-deferred until retirement. By contrast, a money market account is funded with after-tax dollars, and there are no tax benefits associated with these accounts. The only exception is if the money market account is a component of a retirement account. In that case, it is governed by the rules of the retirement account it’s in.
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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 recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, 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.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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.
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.
For the most part, the current week is sorely lacking in the sort of scheduled economic data and events that typically contribute to exciting movement in the interest rate world. This morning’s report on the services sector offered one of the only potential exceptions. For those looking for at least a little excitement, the data did not disappoint. For those hoping that excitement would be positive, it’s a different story.
S&P Global’s service sector PMI rose to the highest levels in exactly a year, and that effectively matched the highest level in more than 2 years. Underlying details showed the highest prices in 18 months. None of the above was good news for interest rates. Traders immediately sent bond yields higher.
Mortgage lenders base their rates on trading levels in the bond market. The average lender hadn’t yet published rates for the day when the S&P data came out. Those lenders simply began the day at noticeably higher rates about an hour later. Several lenders had already released rates before the data. Most of that group ended up “repricing” to higher levels not too long after the economic data.
In the big picture, 2-week highs for mortgage rates don’t mean much. The range has been fairly narrow over that time. We’ll have to wait for the first half of June for the most important data and events. That’s when the real excitement is most likely to play out, for better or worse.
Facts: The 30-year fixed mortgage rate from Freddie Mac averaged 6.94% over the last week. At this rate, with 20% down, a mortgage payment on the median-priced $433,500 new home is $2,293, and $407,600 on an existing home is $2,156.
Positive: Mortgage rates eased and are now below 7%. This helps buyer affordability; even at higher rates, first-time buyers rose last month. Sellers still have a favorable market with an average of 3.2 offers and 27% of homes selling above list price.
Negative: Rates and housing affordability are the killjoys of the spring market. New and existing home sales are both down. Is this a housing market only for the wealthy? 28% of buyers last month paid with cash and did not care about mortgage rates, and the largest annual growth in existing-home sales was over $1 million.
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period.
The study, released late last year, examined three core elements of HECM program effectiveness between 2000 and 2020. It was conducted by analytics firm SP Group LLC and its subcontractor Econometrica Inc.
RMD already examined the study’s section on various HECM policy implementations during that time, but the report also included a detailed section on the program’s impact on borrowers during these two decades.
Borrowers tend to be younger, single seniors
As stated by actor Tom Selleck in a commercial for American Advisors Group (AAG) in 2019, the reverse mortgage program has served “over a million Americans.” The study’s section on borrower characteristics reinforces the figure, detailing that the Federal Housing Administration (FHA) endorsed 1.1 million HECM loans between Oct. 1, 1999, and Sept. 30, 2020.
By using HUD administrative data from these loans, the researchers compiled “some fundamental characteristics and trends of the HECM borrower population during this period,” including age-related data showing that those on the younger end of the qualifying spectrum made up the bulk of borrowers.
“[I]n general, the age distribution of the HECM portfolio is skewed toward the younger end of the senior age range, with 45 percent of HECM borrowers aged 62 to 70,” the report said. “Females (68 percent) tend to use the HECM program at more than twice the rate as males (32 percent), which is a much higher ratio of females to males than in the general senior population.”
Additionally, roughly 60% of HECM borrowers live alone in single-person households, with a similar share of borrowers being unmarried. This constitutes “a much higher percentage than the unmarried population in the general senior population,” the study notes, and the vast majority of borrowers are also white.
Race, ethnicity and financial status
The report goes on to state that 84% of HECM borrowers were white, 14% were Black and 2% were of another race. Whites comprised the largest portion of HECM borrowers during this 20-year period, ”consistent with their predominance in the general population during this time.”
The largest share of non-white reverse mortgage borrowers during the period were Black, while only about 6% of borrowers identified as Hispanic or Latino. That figure “is below the share represented in the general population of seniors,” the study reads. “Non-Hispanic and non-Latino borrowers vastly outnumbered Hispanic and Latino borrowers in all years the 20-year period of this study covers.”
Unsurprisingly, the report labels most HECM borrowers as “house rich and income poor.” It utilized U.S. Census Bureau data to estimate the median income for the senior population living in a one-person household at $30,000 in 2019 dollars. Researchers added the income of HECM borrowers annually to provide a point of comparison between actual borrowers and average figures.
“Although two-thirds of HECM borrowers had annual incomes below the $30,000 benchmark, most of the borrowers in the program had sufficient equity in their homes along with home values higher than average for the general senior population,” the report said.
Data indicated that 43% of HECM borrowers had homes valued at $300,000 or more in 2019 dollars, which helps to illustrate that the program helped to provide “extra income security to borrowers who are ‘house rich and income poor,’” the report said. “In addition, a high proportion of borrowers draw down large amounts of their HECM line of credit within the first month.”
Uses of proceeds
In 2011, HUD began asking borrowers how they planned to use their loan proceeds by adding a new section to the HECM loan application, so the data is incomplete for the full examination period.
Since 2011, roughly half of all borrowers chose only one reason, while the other half selected multiple reasons. Most of the borrowers who chose one reason (53%) selected “additional income” as their reason for obtaining the loan.
“This finding is in line with the HECM program goal of providing seniors the ability to turn their home equity into supplemental income,” the report said.
One-third of all borrowers since 2011 said they intended to use the proceeds to pay off an existing property lien, but the researchers argue there is not a lot of distinction between this reason and the “additional income” selection.
That’s because “extinguishing existing forward liens with HECM proceeds is a mandatory program requirement,” the study explained. “For those borrowers whose forward mortgage is extinguished and converted into a reverse mortgage, the HECM loan provides relief from forward mortgage payments, and the net equity proceeds provide a source of ‘additional income.’”
The third most common use of HECM proceeds was for “leisure activities,” the study said, with 11% of borrowers indicating this as their chief reason for obtaining the loan. Curiously, this response was largely concentrated within a specific time period.
“The bulk of responses indicating leisure as the primary reason were concentrated in the years 2016 and 2017,” the study said. “It is unclear if this response was due to a change in borrower preferences or an alteration in how the data were collected during those years.”
These years came shortly after revised non-borrowing spouse provisions went into effect for the HECM program but before it would feel the impacts of a reduction in principal limit factors and the implementation of a requirement that could lead to a second property appraisal.