433 Columbia Ave, Cliffside Park, NJ 07010 for sale

this is neat clean home close to cliffside park.

Posted on September 21, 2019 at 6:04 pm
Anil Aggarwal | Category: Events | Tagged , , , ,

Not All Debts are Considered Equal

When it comes to looking at money you owe, not all debt is created equal. While there are many shades of gray in life, there is absolutely good debt and bad debt. And the difference matters, whether you’re taking financial steps to buy a home or prepare for retirement. Let’s take a look at some of the distinctions between them.

Good Debt

In a nutshell, a good debt is one that can have a clear benefit to you, such as a long-term investment, even if the purchase isn’t a tangible item you can touch. Here are a few examples:

  • Mortgage – This may be the ultimate in good debt. Not only can buying a home be a smart decision now, the equity being built up typically improves your financial situation in the future. And there can be an immediate payoff – the interest may be tax deductible, so consult your tax advisor about that.
  • Student loans – Many can’t afford the yearly tuition outright, so taking out a loan for a degree is a long-term investment in your future. Many jobs require a college degree or professional certification, some pay higher for a candidate with a degree. And student loans tend to be at a lower interest rate.
  • Auto loan – If you don’t live in an area where public transportation is plentiful, a car is pretty much a necessity to get to work. So in that sense, a car loan may be required. Buying a previously owned model can help – you aren’t incurring the immediate depreciation that comes with that new car smell. But be careful…this can show up on the bad debt list, too.

Bad Debt

Another way to look at this is deferred gratification vs. instant. Is this debt getting you something long term or just a quick fix? If it’s a quick fix, it’s likely a bad debt.

 

  • Credit cards – This one isn’t a surprise, of course. And it applies whether it’s a major credit card or a store credit card. With higher interest rates and minimum monthly payments that look small but multiply over time, using plastic for those just-out-of-reach items really reduces your financial freedom. If medical emergencies come up, look to your medical provider for financial aid or payment options instead of credit cards. Many will work with you.
  • Cash advances – Also called payday loans, these are extremely high in interest and often have an additional fee. They are the ultimate quick fix that keeps charging you, big time, and should be avoided.
  • Auto loan – That’s right, auto loans could be considered BOTH good & bad debt. Although it’s not inherently bad debt, the interest rates on auto loans can be quite high, especially if your credit isn’t great. But there’s a smart way to stay off this list when you buy a car. Make as large a down payment as you can afford to keep those high-interest payments as low as possible.

As a general rule, as long as you’re using debt for long-term benefits that can enrich your future and net worth, instead of consumables that depreciate quickly, there’s a good chance your debt won’t be considered bad debt. Your financial professional can help you understand more.

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Posted on September 17, 2019 at 4:26 pm
Anil Aggarwal | Category: Buyers | Tagged

4 Ways To Maximize Your Home’s Value

It doesn’t matter whether you are getting ready to sell your home or refinance your existing mortgage; if you are working with a lender, they will likely require an estimate of the fair market value of your property. That means they will request an appraisal to find out how much your home is currently worth to help determine the loan amount you may qualify for.

Home-Values-realtoranilaggarwal

Home-Values-realtoranilaggarwal

In an era when small improvements can have a huge impact on the value of your property, it’s more important than ever to do what you can to maintain your home.

Get Ready For Repairs

Small problems (like broken faucets, damaged floors, or surface cracks on the ceiling) can lower your home’s perceived value by thousands of dollars. Go through every room in your home, and write down all of the problems that could lower the value of your property. If you can manage to repair them within your budget, you should consider doing so.

Do Some Spring Cleaning

The condition of your dwelling, yard, and garage are considered to come up with a home appraisal value. Clean all of the surfaces in your home (including your windows, counters, walls, hardwood floors, and carpets) regularly, and get rid of any clutter that will obstruct views of your rooms.

Focus On Curb Appeal

Don’t forget about the rest of your property! An appraiser will take your home’s curb appeal into account when they estimate its fair market value. Make sure that you take care of any repairs that you need to make to your home, fence, and yard before the appraisal.

Consider Comps

Your appraiser will look at the value of the surrounding properties to ma

ke sure that your estimate is comparable to the rest of the homes in your neighborhood. To stay informed, you could do the same. You can go to some of the open houses in your area or look at homes in your area that were recently sold. If you can make your house look more appealing than the rest of the homes in your neighborhood, it may raise your home’s value.

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Posted on September 17, 2019 at 4:11 pm
Anil Aggarwal | Category: Seller Tools | Tagged