Why it is better to buy a home  instead of renting one!

Why it is better to buy a home  instead of renting one!

Listed here are 3 major reasons why you should consider buying a home…

  1. Cost:
    Buying a home is actually less expensive than renting!  Renting a home for $2,000/mo for 5 years is $2,000/mo x 5 years x 12 months/year = $120,000 But buying a home for the same $2,000/mo for 5 years is less than $120,000!
  2. When you buy a home the government gives you a tax deduction for the mortgage interest that you pay.Lets just assume that your tax deduction equals only $8,000/year. That means you get $8000/mo x 5 years =$40,000.That means you can get $40,000 cash when you buy your home over the next 5 years. So you will pay $120,000 towards housing payments over the next 5 years but if you own a home you will get $40,000 cash back. This means you only spend $80,000 for housing over the same 5 years which is only $1333/month!
  3. Equity:The owner of the home is entitled to the equity in the home. Equity is the difference between how much the house is worth and how much you owe. (If a house is worth $200,000 and you owe $150,000 then the equity is $50,000.) If you are renting then the landlord is the owner and they get to keep the equity in the home.

  4. When you buy a home you have a mortgage payment each month. Generally, each payment has a principle amount, an interest amount, property taxes and hazard insurance. The principle amount of the payment reduces the amount that you owe on the property.
  5. Every time there is a repair on the home, if done correctly, that repair can increase the value of your home because it will be worth more. If you upgrade old windows, replace the shingles on the roof or remodel the kitchen, that will make your home worth more money. When you own a home you have to pay for these repairs. When you rent, the landlord must pay for these repairs but they don’t mind because it makes the home worth more money!
  6. Making regular payments on a home mortgage will increase your credit score. Better credit means better financing for your next home purchase, a refinance of the first home and for a vehicle purchase or any other credit purchases saving you thousands of dollars in interest over the years to come.
  7. With interest rates dropping below 3.5% (30 year fixed rate as of 10/30/19) you could $15000 for every 1% interest you save , in span of 30 years, in loan of $300k. Check here for more details.
  8. Requirements:The qualifications for buying a home are nearly the same qualifications for renting a home. You need to have okay credit, a deposit and a decent job.If you have a credit score of 580 (or better) then you can qualify for a FHA loan. A 580 FICO score is not considered good credit and may even be low enough to prevent you from renting. But it is a good enough credit score to buy a small home. If you have better credit then you can qualify for better interest rates with other types of loans.
  9. The deposit for a house purchase with an FHA loan is 3 % of the purchase price. This amount is nearly the same as first & last months rent and a security deposit. One of the little known bonuses for buying a house is that you essentially get the first month FREE! The reason is because the homes mortgage interest is charged at the end of the month while rent is charged at the beginning of each month.

  10. Having a decent job is essential for qualifying for any type of housing. Generally you need to have been in the same line of work for the previous 2 years to show stability in employment. You also need to be making at least 3-4 times your payment on a monthly basis

Article published by Anil Aggarwal Realtor who sells real estate in New Jersey as Vylla Home Agent.

Posted on October 31, 2019 at 6:24 am
Anil Aggarwal | Category: Buying first home | Tagged

How Much Does a 1% Interest Rate Drop Save on a 15-Year or 30 year Fixed Mortgage?

Getting the best possible interest rate on your mortgage can ultimately save you thousands of dollars. Knowing how different interest rates affect your monthly payment can prove an invaluable tool when making a decision, whether you are seeking a new mortgage or refinancing an existing one.

Tip> 1% interest rate drop could save you whopping $60,276.16 in $300000 loan in 30 years . Check your at our calculator http://njfind.com/financial-calculators

Mortgages and Interest Rates

When you purchase a 15-year fixed-rate or 30 year fixed rate mortgage, the interest rate will stay the same for the entire life of the loan. Your monthly payment is based on the interest rate you negotiate with your lender and is structured to pay off your mortgage by the end of the 15-year period or 30 year period resp. 15 year is typically the shortest fixed-rate period offered by lenders and will allow you to pay off your mortgage faster and pay less interest than with a longer term loan. However, the shorter term means your monthly payment will be higher, so consider whether you can afford it. Also when you take 30 year fixed, you are stretching your dollar which is depreciating in years or what dollar can buy today, will be lot less in 30 years.

So as per calculator,

loan amount in $ Interest % # of years Monthly Payment: Number of Payments: Total Payments: Total Interest: saving
per month saving
300000 4 30 $1,432.25 360 $515,608.52 $215,608.52 0 0
300000 3 30 $1,264.81 360 $455,332.36 $155,332.36 $60,276.16 $167.43
300000 4 15 $2,219.06 180 $399,431.48 $99,431.48 0 0
300000 3 15 $2,071.74 180 $372,914.09 $72,914.09 $26,517.39 $147.32
This table made by Anil Aggarwal using Financial Calculator provided free at his website :http://njfind.com/financial-calculators
Posted on October 31, 2019 at 3:15 am
Anil Aggarwal | Category: financial calculator, Seller Tools | Tagged

Home values have more than doubled in the New Jersey since 1970

As per Article in Business Insider https://www.businessinsider.com/home-value-home-price-change-in-50-years-every-state-2018-12

home value increased in new jersey have increased or doubled in New Jersey since 1970.

As per US Census Bureau, which provides a table showing median home values from previous decades in each state and the District of Columbia. We compared the median home value in 1970, adjusted for inflation to 2017 dollars using the Consumer Price Index, to the median home value in 2017, according to the Census Bureau’s American Community Survey, and calculated the percentage change.

Note that median means that half of the homes are valued above that number and half below. This data technically covers the past 47 years, but as the US Census Bureau’s table provided information on a decade basis, it’s the closest information available to the past 50 years.

In 1970, the national median home value adjusted for inflation was $107,291; in 2017, it’s $217,600 — that’s a 103% increase. In fact, more than half of all US States (including Washington, DC) have seen a median home value increase of more than 100%.”

In New Jersey Cost of a home in 1970: $147,683 v/s Cost of a home in 2017: $334,900. This means its Percentage change from 1970 to 2017: 127% or price almost more than doubled. 

Imagine if you or your parents renting than what they lost? They lost equity, tax refund, appreciation credit (see example above) , and most important, home.. that yours with your memories.

Posted on October 31, 2019 at 2:35 am
Anil Aggarwal | Category: Generation Z | Tagged

Why its make sense to Go solar: top 10 benefits of solar energy

There are many reasons why homeowners go solar, but improving the environment and cutting energy costs are the most common. Many people are aware that solar is a great home efficiency upgrade and are eager to reduce their carbon footprint while also improving property value.

Whether your motivations for going solar are economic, environmental, or personal, this sizable list of solar power benefits will have something for everyone. Here are the top ten reasons why solar energy is good for your home and more popular than ever in the United States.

1. Drastically reduce or even eliminate your electric bills

Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.

2. Earn a great return on your investment
Solar panels aren’t an expense – they’re one of the best ways to invest, with returns rivaling those of more traditional investments like stocks and bonds. Thanks to substantial electricity bill savings, the average American homeowner pays off their solar panel system in seven to eight years and sees an ROI of 20 percent or more.

3. Protect against rising energy costs
One of the most clear cut benefits of solar panels is the ability to hedge utility prices. In the past ten years, residential electricity prices have gone up by an average of three percent annually. By investing in a solar energy system now, you can fix your electricity rate and protect against unpredictable increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.

4. Increase your property value
Multiple studies have found that homes equipped with solar energy systems have higher property values and sell more quickly than non-solar homes. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale, and as home buyers become more educated about solar, demand for properties equipped with solar panel systems will continue to grow.

5. Boost U.S. energy independence
The sun is a near-infinite source o

f energy and a key component of achieving energy independence in the United States. By increasing our capacity to generate electricity from the sun, we can also insulate our country from price fluctuations in global energy markets.

6.

Create jobs and help your local economy
According to The Solar Foundation, the solar industry adds jobs many times faster than the overall U.S. economy. This growth is expected to continue. Because solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to the U.S. economy.

7. Protect the environment
Solar is a great way to reduce your carbon footprint. Buildings are responsible for 38 percent of all carbon emissions in the U.S., and going solar can significantly decrease that number. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.

8. Demonstrate your commitment to sustainability
Sustainability and corporate social responsibility are important components of an organization’s culture and values. They also produce bottom line results. Increasingly, consumers and communities are recognizing and rewarding businesses that choose to operate responsibly. Businesses are finding that “green” credentials are a powerful driver of consumer purchasing decisions, creating goodwill and improving business results.

9. Increase employee morale
Just like consumers, employees have a demonstrated appreciation for their employers’ commitment to operating responsibility. Employees share in the success and contributions of their organizations. Companies that care about their community and environment tend to have lower turnover rates, more engaged employees, and higher levels of morale.

10. Stay competitive
Companies quickly are realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.

Sign up if you are Buying



Posted on October 23, 2019 at 3:46 pm
Anil Aggarwal | Category: Buyers | Tagged

Legal Advise from Attorney

Listen some Legal Videos

Posted on October 15, 2019 at 4:54 pm
Anil Aggarwal | Category: Buyers

As Realtor® I highly recommend and suggest clients to get Home Owners Title Insurance

Goal is MAKE SURE ALL OF MY CLIENTS ARE PROTECTED

As Realtor®, so I know that buying a home can be overwhelming for my clients. Homebuyers can feel confused and frustrated by the mounds of paperwork they have to sign. Plus, the fees associated with closing can sometimes be overwhelming even to an
experienced buyer.
Owner’s title insurance is one of those items often misunderstood by homebuyers at
closing, yet its value is tremendous. As an important advisor to my clients, I am in
a position to help homebuyers understand the value of owner’s title insurance and the
dangers that can be incurred without it.

HOW IT PROTECTS
Say, for example, client recently purchased a new home from a builder, but the builder failed to pay the roofer. Wanting
to be paid, the roofer filed a lien against the property. Without owner’s title insurance, my client would be responsible for paying
this existing debt. This is just one example of how owner’s title insurance protects homebuyers from various significant risks.

ENDURING VALUE
The good news is that owner’s title insurance protects homebuyers legally and
financially, as long as they own their home. For a low, one-time fee, homebuyers can restnassured, knowing they are protected against
existing debts or claims to their property.

A Guide for Home Buyers

A Guide for Home Buyers

Posted on October 15, 2019 at 11:23 am
Anil Aggarwal | Category: Buyers Check List | Tagged

Giving gifts at closing of home- Realtor Anil Team gives Best Real Estate Closing Gifts

A unique portrait of your client’s new home paired with a heartfelt message is a closing gift any new homeowner will cherish. Best of all, if your clients prominently display the gift in their home, it’s an excellent way to generate leads through local referrals.Real estate closing gifts are a great way to commemorate to our client’s new or sold home while staying top of mind. However, choosing a closing gift can be tricky because everyone has different tastes. We talked to top agents to identify their favorite closing gifts plus rules for buying the best gifts for our clients.

Here we have hand picked 9 good websites that provide best hand engraved customized gift items for our Clients.

Per law, as we know, max $25 worth gift we can give to clients so if you are buying or selling home through us, then be our guest and pick your best gift or leave it to us

Promotional Gifts Items

Posted on October 15, 2019 at 2:16 am
Anil Aggarwal | Category: Credit | Tagged

Dont let that good property you find go, just because Kitchen is not updated..Learn more

You found a good house, with good location. You loved everything but your wife is unhappy as kitchen is not updated or finished as per latest styles. You saving money and don’t want to spend too much so trying to convince your wife but she is just adamant in buying new house which is 50-60k more..

What you should do?

Well talk to your realtor and ask him to give you RPR report.

Check value of home and see what is RPR report suggested RVM price (its like realtors guesstimate for property).

If you see property has value, you liked location, and only issue now kitchen then check links posted below and using good contractor (I can send one or advise one).. and get new updated kitchen using these links and you will be amazed that kitchen can be soo good and so cheap..

  1. AbestKitchen.com
  2. Kerekes kitchen & Restaurant Supplies
  3. Take 30% Off Your New Cabinetry!
  4. Take Up To 25% Off Your New Kitchen & Bathroom! Sale happening June 5th-June 15th!
  5. Free Shipping on $30 or more
  6. The ideal Choice for Under Cabinet Lighting – Lightkiwi
  7. Kitchen
Posted on October 12, 2019 at 1:51 am
Anil Aggarwal | Category: Kitchen

What is FICO Score

The most common type of credit score is the

, which was developed by Fair, Isaac and Company. FICO is not the only credit scoring company, but is the score used most widely. Lenders usually base your interest rate on some variation of a FICO score, which can range from 300 to 850. As with all credit scores, the higher your FICO score, the lower the interest rate lenders will charge you.

While you can obtain a copy of your credit report for free at www.annualcreditreport.com, the score is separate and is not free. You can purchase a copy of your FICO credit score from their website, which is www.myfico.com or purchase credit scores from Experian, TransUnion and Equifax. Note that not every credit bureau uses the same range and formula for calculating a credit score – there are competing credit score “products” on the market. An example is a Vantage Score, developed by Experian. Another key point — getting a copy of your own credit report and credit score does not affect your credit score. Many people are hesitant to obtain their own reports because they fear a negative mark.

The FICO Score in Detail

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined to the right. The percentages in the chart reflect how important each of the categories is in determining your FICO score.

Please note that:

•A FICO score takes into consideration all of these categories of information, not just one or two. No one piece of information or factor alone will determine your score.

•Your FICO score only looks at information in your credit report. However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.

•Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re- establishing a good pattern of making payments on time will raise your FICO credit score.

Improving a Score

Make Your Payments on Time

The single most important thing you can do to keep your score high, or improve your score, is to make all your payments on time. Payment history is the largest factor that is used to determine your credit score. Payments that are 30 days or more past due will show up on your credit report and negatively impact your score. These negative marks generally stay on your report for seven years.

Keep Your Total Debt Load Manageable

With the second largest factor of your credit score being the total amount you owe, it is important to keep borrowing and total credit usage under control. If you currently have a significant amount of outstanding debt, your priority should be to stop borrowing and work toward lowering the balance. This isn’t always easy, but the only way to improve your overall debt situation is to stop borrowing or using credit cards and continue to make timely payments that reduce your balance.

In addition, you want to consider how much of your available credit is utilized. For example, having many credit cards that are maxed out, or very close to their limits, will negatively impact your score. Two credit cards with a $5,000 limit and a $1,000 balance on each will look much better than a single card with a $2,500 limit and a $2,000 balance.

Maintain Existing Accounts

Length of credit history is another important credit score factor, so it can be to your advantage to keep older accounts which are in good standing open. While you want to keep the total number of accounts manageable, sometimes it can hurt your score more to close an old account than to keep it open.

Be Careful When Opening New Accounts

While new credit is the least important factor in your score, it is still an important issue to consider. When you are shopping for a new loan or credit card, do your shopping in a relatively short amount of time. You don’t want to have your report show that you are constantly looking for new credit. You also don’t want to open credit accounts you don’t intend to use much. It may be tempting to get that additional 10% off when you open that new retail store card, but the little bit of money you save may be insignificant when multiple new accounts actually lower your credit score.

Posted on October 10, 2019 at 9:57 pm
Anil Aggarwal | Category: Finance | Tagged

Person finds old bills coins and lot more from his grand parents home-while cleaning

It Had Been Empty For Years

Evilenglish’s grandparents’ farmhouse hadn’t been lived in since 1997, so you can only imagine how dusty it was… Evilenglish was planning on selling the property, but before he could even think about putting it up for sale. He had a huge clean-up task on his hands. No one wants to live in a dusty, dirty house! Evilenglish first noticed something interesting… There was a carpet on the floor instead of floorboards…when we removed carpet , he found a giant concrete safe was underneath the carpet. Inside safe, there was safe with tens of thousands of dollars. “Just so you know anything from 1964 or older is 90% silver worth about 20 times face value of the coin,” he revealed on Reddit.

So next time when you buy home and see its need cleaning, think of this and get motivated.. It might be your door key to get rich

Posted on October 8, 2019 at 11:47 am
Anil Aggarwal | Category: Treasure Hunt | Tagged