NVE Bank Grants Scholarships to 18 Bergen County Students

School may be ending for the year, but for the 18 students who received educational scholarships from NVE Bank this week, it’s the beginning of a bright future! On June 18th, NVE executives including President & CEO Robert Rey, members of the board of directors, NVE branch managers, school officials, students and their family members gathered at our Englewood headquarters for NVE’s 12th Annual Scholarship Ceremony.

Local high school seniors received a $2,000 scholarship and graduating middle school eighth graders were awarded a $1,000 Savings Product Scholarship. These student scholarships are part of a program that has been offered by the Bank since 2008; in the 12 years since the program’s inception, NVE has awarded more than $180,000 to 240 deserving scholars in Bergen County. 

Without further ado and with great pride, we introduce to you the NVE Bank Scholarship Awards class of 2019:

High School Scholars

Julye Calderon – Pascack Valley High School

Victoria Catala – Bergenfield High School

Aisha Davis – New Milford High School

Dylan Distell – Cresskill High School

Ryan Distell – Cresskill High School

Jade Greer – Tenafly High School

Jessica Lee – Academies at Englewood

Madisen McIntyre – Dwight Morrow High School

Yanil Morales Garcia – Teaneck High School

Isabelle Raskin – Leonia High School

Gianna Tavares – Northern Valley Demarest Regional High School

NVE’s High School Scholarship recipients with Bank President & CEO Robert Rey
(Left to right): High School Scholarship recipients Dylan Distell, Ryan Distell and Jessica Lee with Board Member Harlan Hollander, Chairman of the Board of Trustees Steven Baker, and NVE Bank President & CEO Robert Rey.

Pascack Valley High School graduate Julye Calderon (who was unable to attend the ceremony) with Hillsdale Branch Manager Jessica Tuzzio. We wish Julye good luck at Montclair State University!

Middle School Scholars

Esther Cho – David Owens Middle School

Hasnia Mulic – Thomas Jefferson Middle School

Melanie Norberto – Benjamin Franklin Middle School

Peter Park – Cresskill Middle School

Yun Lee Park – Leonia Middle School

Raul Tylrt Seetahal – Janis Dismus Middle School

Margaret Vasquez – Roy Brown Middle School

Three of NVE’s Middle School Scholarship recipients with Bank President & CEO Robert Rey
Cresskill Middle School scholarship recipient Peter Park (who was was unable to attend the ceremony) with Tenafly Branch Manager Brian Uhlfelder, as well as his grandfather and his sister, Seoyoung Park, who received an NVE scholarship in middle school (2015) and is now studying nursing at Drexel University!

These deserving students put school first, and NVE is delighted to put them first, just like we do with the customers and communities we have served since 1887. We hope our latest class of scholars is as proud of themselves as we are!

To learn more about how NVE Bank supports our communities, or to learn about our extensive range of personal and business products and services, visit our website. You can also call us at 1-866-NVE BANK (683-2265) or visit us at one of our 11 branches conveniently located throughout Bergen County.

Posted in Community Banks, scholarships, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Is 2019 A Good Time to Buy a Home?

Scenario: you know exactly what type of home you want to live in, you know what city or town it’s in, and you even know how you’re going to buy it. This is all great! But what about the “when?” As in, when is the right time to buy? Your own personal financial situation is, of course, a substantial factor, but real estate prices, interest rates, and the time of year are just some of the key factors to consider in the homebuying process. If you want to get the best deal possible—which, of course you do—the “when” is an essential part of the equation.

alt="row of open house signs"

The ideal arrangement would be if you were able to buy the home you want, for the price you want, at the exact time that’s most convenient for you, when interest rates are at their lowest and your cash flow is at its peak. If the stars align for you and that becomes your reality, you’ve got yourself quite a cozy situation! More often, the case is that you must take stock of all these variables and prioritize them according to your needs, wants, and means.

Is the price right?

Home inventory is historically the highest from spring into summer. One significant factor contributing to this outcome is that families with school-age children want to get settled before school starts back up again around Labor Day. This type of saturation can drive sellers to price their homes more competitively. On the other hand, shopping around during the off-season can also give you the upper hand. December, November and January are the months with the least inventory, respectively. If a seller has listed their home during this time frame, it’s very possible it’s because they don’t have a choice in the matter, in which case they may be more willing to negotiate.

Quick tip: If you’re in the market for a home, make sure you know what you can afford before you start looking. Get a handle on this in the early stages of research by using NVE’s calculator, designed specifically to help you determine how much mortgage you might qualify for.

Is there ample inventory?

RealEstate.com’s Entry-Level Market Report found that entry-level inventory rose 4.1% this year, meaning buyers can expect to see an increase in inventory. According to a statement from RealEstate.com General Manager, Justin LaJoie, “Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do – contacting more agents, doing more research and visiting open houses – should pay off this year.” Being well-informed and prepared is great advice for anyone in the real estate market, if you ask us!

What do interest rates look like?

Mortgage interest rates fluctuate constantly, so this is something you really need to keep a close eye on. It’s also important to compare rates to make sure you’re aware of your options. The rates offered to a borrower are based on various factors such as debt ratio, credit score, or how much of a down payment you can afford. All lenders have differing methods and models for assessing a borrower’s risk/reward ratio. Because community banks have more flexibility in terms of setting guidelines when it comes to mortgage interest rates, we are are often in a better position than big banks to provide borrowers with more options.

Ask your lender about a rate lock, which guarantees a certain rate, at a certain price, usually (but not always) for a term of 30, 45 or 60 days. If your loan doesn’t process within the allocated window, you’ll lose the rate lock, so timing is everything. Working with professionals you trust to guide you through this process goes a long way! NVE’s mortgage specialists will work with you every step of the way to help make the whole process smooth and hassle-free. We offer a full range of flexible mortgage products to meet your lifestyle needs. Call today at 201-816-2800, ext. 1233, or apply online at www.nve.bank.

Is it time to stop renting?

The notion that owning a home is more cost-effective than renting is widely accepted, particularly in New Jersey, which has the fifth-highest rent prices of any state in the nation, according to Census data. But how long does it actually take for buying a home to cost less than renting? Zillow looked at the cost of renting vs. owning in New Jersey and created this tool that allows anyone (that means you!) to find the answer to this question in almost any town in New Jersey.

Calculators like this should be used as one of many research tools, along with the help of trusted professionals. NVE offers a suite of convenient and helpful online mortgage tools, including four Home Financing Calculators, which can help you answer important questions such as:

Should I Refinance?

Should I Rent or Buy? 

How Much Will I Save By Increasing My Mortgage Payment?

How Much Mortgage Might I Qualify For?

You’ll also find 11 more calculators that address a range of personal financing, investment, and retirement topics.

Working with a mortgage specialist who knows the area you’re looking in makes things easier, faster and better. With headquarters in Englewood and branches throughout Bergen County, the mortgage professionals at NVE are also your neighbors. That means our customers have access to experts who can provide service quickly, efficiently, and with a local point of view.

Learn more by speaking with an NVE Lending Specialist! Call 201-816-2800, ext. 1230, email us for more information at lending@nvebank.com, or apply for a mortgage on our website.

______________________________________________________________

Sources:

http://bit.ly/2V7eLX9

http://bit.ly/2DP4Kn5

http://bit.ly/2Wlie45  

http://bit.ly/2YTffhh

Posted in real estate | Tagged , , , , , , , | Leave a comment

What style of architecture once dominated Bergen County?

What style of architecture once dominated Bergen County?

A. Cape Cod

B. Dutch Colonial

C. Ranch-Style

D. Bi-Level

If you think the answer is Dutch Colonial, you know your stuff!

Like New York City and the Hudson Valley, Bergen County was settled by Dutch farmers. The earliest houses in Bergen County were made of wood, but they did not last, and Dutch Colonial homes—mostly known as sandstone—replaced them. According to the Bergen County Historical Society, today, 192 of those Bergen-Dutch Sandstone Houses are listed in a thematic nomination to the National Register of Historic Places. The Steuben House at Historic New Bridge Landing is one of the earliest and largest, c.1752.

The Steuben House at Historic New Bridge Landing in River Edge, New Jersey [Photo credit: Bergen County Historical Society]

Today, the homes throughout Bergen County reflect almost every style of architecture imaginable! And some of them are for sale. If you’re in the market, make sure you know what you can afford before you start looking! You want to work with a mortgage specialist who knows the towns you’re looking in; with headquarters in Englewood and branches throughout Bergen County, you’ll find that person at NVE Bank.

When you’re ready, here’s what we can offer you

Posted in Bergen County, real estate | Tagged , , , , , , , , | Leave a comment

Which Home Renovation Offers the Best Return on Investment in 2019?

Which of these home renovations tops the list of projects that will get you the best return on investment in 2019?

  1. Master Suite Addition
  2. Swimming Pool Installation
  3. Garage Door Upgrade
Hands Framing House Drawing and Photo Combination on White.

If you guessed, “C,” good for you! A new, upscale garage door is not only functional, but it also contributes to your home’s curb appeal. And as far as upgrades go, this one is relatively affordable! According to REMODELING magazine’s 32nd annual Cost vs. Value Report, ditching the standard 16′ by 7′ garage door and replacing it with an antique-style, four-section door with decorative handles and top panel windows can yield a 97.5% payback. In dollars, the report estimates a new $3,611 garage door — which is likely energy efficient, with foam insulation and thermal seals on the window — will yield a $3,520 return.

Need a hand? NVE is here to help with a flexible home equity line of credit or fixed rate home equity loan.

Source: http://bit.ly/2HMEtbK

Posted in "home improvement", homeownership | Tagged , , , , , , , , , , , , | Leave a comment

How Many Acres Make Up Bergen County’s Park System?

A. 4,000+ acres

B. 6,000+ acres

C. 7,000+ acres

D. 9,000+ acres

Ramapo Valley County Reservation, Bergen County’s largest park area. (Photo credit: http://www.co.bergen.nj.us)

Answer: D – The Bergen County park system is comprised of more than 9,000 acres.

That’s a lot of green! Finding the mortgage that’s a fit for you isn’t always a walk in the park, but NVE has been helping people secure mortgages in Bergen County since 1887.

Click here for a full lineup of our mortgage products, helpful tools and more!

Posted in Uncategorized | Leave a comment

Six Fun Ways to Save As a Family

Teaching children about the importance of good money management can and should start at a young age. “Talking about family saving goals helps children understand that putting money aside for the future – whether to be prepared for unexpected expenses, for short-term goals such as summer vacation, or for longer-term goals such as paying for college – is important to you,” according to Elizabeth Kiss, Ph.D., Associate Professor and Extension Specialist at Kansas State University. “They will also likely be interested in knowing how they can help. They may even want to set their own savings goals and be motivated to work toward achieving them!” This is one of many reasons saving as a family can be a productive and enjoyable exercise.

As we celebrate America Saves Week — an annual program designed to encourage and support Americans to save effectively — we’d like to share six ways you can save as a family while having fun, from personal finance website Wise Bread’sJanet Alvarez.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

Meeting financial goals as a family can be challenging. But inspiring your family to help and contribute to a financial goal doesn’t have to be a painful process, especially when the result is an exciting family vacation, a new family car, or college savings. In the spirit of America Saves Week, I’ll share some ideas on how to save as a family for all those items and bucket-list experiences.

family-saving-money-together

Gamify It!

In my family, we often make a game of who contributes to a joint family pot for that month’s fun activity. A game of monopoly can turn into a real contest, as anyone who loses is asked to contribute a small amount to that month or week’s activity of choice (such as a meal out, or family movie). Of course, contributions should be proportional to earnings – teens might contribute $5 from their part-time job or allowance, while adults would be expected to contribute much more. Still, the spirit of the game is focused on sharing and enjoying together – and because everyone has a stake, we enjoy it all so much more.

Making Money Can Be Fun

Every year around the holidays, my entire extended family likes to take a vacation somewhere warm, so we start planning and saving a year in advance. By each contributing to the holiday vacation fund, our money goes much farther, and we’re often able to visit really cool places we might’ve not otherwise afforded. Of course, if we can easily afford to contribute our share, we do so, but when money is tight, we find fun ways to raise cash for our share of the contributions. Last year, for example, some of my cousins hosted a bake sale. Others sold items they’d knitted, art they’d produced, and so forth. All of the proceeds went straight into the family vacation fund.

Sell, Sell, Sell!

A family garage sale can be an enjoyable and rewarding way to raise extra cash for shared activities or purchases. If your family wants a new flat-screen TV, game console, or other piece of technology or furniture, why not start by selling what you already have and don’t need? A traditional garage sale is one good way to raise cash, as is selling unused items online (this tends to be the better option for selling electronics and gadgets).

Match It!

Often, children’s only way to save is to use their holiday or birthday gift money. It can be challenging for kids to save money they so badly want to spend and enjoy immediately, so it’s important to offer incentives for doing so. One idea is to match dollar for dollar every bit of money they save from their gifts. That ensures kids get the immediate gratification of knowing their saved gift money is being doubled, but also enables them to feel empowered by having chosen to save and contribute to family goals.

The Envelope Method

When saving for multiple goals, the envelope method is an excellent way of keeping all the monies separate for their intended uses. Simply mark each envelope with a stated goal, and contribute regularly to each until the goal amount is met. For small children, it can be rewarding to contribute to smaller family goals, such as ice cream or a movie rental. A $10 or $15 goal can mean a $1 or $2 monthly contribution from their allowance. This helps children learn the value of saving, and builds confidence in their ability to do so.

Your Bank Can Help

Your local financial institution can be an excellent resource for helping your family save together. From traditional savings accounts or CDs to holiday savings accounts, your bank can help you select a financial product that can help your family in reaching its shared goals faster. For larger goals, in particular, a shared family account can be an excellent resource for keeping your family on track to realizing your financial wishes.

Happy saving!

Janet Alvarez is the news anchor for WHYY/NPR and the Executive Editor of Wise Bread, an award-winning publication focused on promoting financial literacy.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

For more information on tools to help you save or how to get started with putting a saving plan in motion, visit our website. You can also stop by your convenient Bergen County neighborhood branch, or call us at 1-866-NVE BANK (683-2265).

Sources:

https://americasavesweek.org/

http://bit.ly/2NxsHm9

Posted in "saving money" | Tagged , , , , , , , , | Leave a comment