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Slide 1: From: Sent: To: Subject: Silex Financial Group, Inc. [joe@silexfinancial.com] Friday, June 03, 2011 12:50 PM joe@silexfinancial.com June Newsletter from Silex Financial Group, Inc. Having trouble viewing this email? Click here Silex Financial Newsletter Dear Joseph, June 2011 In This Issue Featured Guest Column You are getting this newsletter as a result of your relationship with Joseph Racamato, from Silex Financial. We are a full service mortgage brokerage firm with over 20 years experience. We pride ourselves in finding the right lending institution, with the right deal, at the right price for each and every client-whether it is a residential, commercial, investment or re-financing transaction. We hope you find this newsletter informative. If you have any comments, questions or suggestions, please feel free to contact me. Thank you for your time and interest. Sincerely, Joseph Racamato Silex Financial Group, Inc. Residential News Commercial News Interesting Factoid
Slide 2: The 4 Most Common Mistakes Parents Make That Cost Them College Financial Aid (and how to avoid them) By Ian Welham Did you know that 9 out of 10 New Jersey families overpay for college? That's because they don't understand the system. We talk to thousands of families a year at our free community workshops. And here are the most common mistakes we see parents making that cost them college financial aid. Mistake #1: Choosing a college based on "sticker price." Almost no one pays sticker price. In fact, between government aid and merit aid, it's possible to send your child to an expensive private university for less than the cost of a state college. The important number is your final out-of-pocket cost, not the sticker price. Mistake #2: Not applying for financial aid. The biggest reason why people don't fill out the FAFSA form and apply for financial aid is they believe they make too much money to qualify. You need to know: income is only one of 7 factors that determine your financial aid package. This year, we have client-families earning substantial six-figure incomes who have been offered free grants ranging from $54,000 to $148,000 over 4 years. Mistake #3: Waiting too long to apply for financial aid. This is almost as bad as not applying for financial aid. College financial aid is given out on a first-come, first-serve basis. The earliest you can apply is January 1 of your child's senior year. If you wait until March or April, the money might be gone. Even if you qualify to receive aid, if they're out of money, you're out of luck. Mistake #4: Expecting all colleges to meet your demonstrated need the same way. Colleges differ vastly in how they distribute college aid. Some give grants or scholarships (free money that doesn't have to be paid back). Others give loans (that have to be paid back with interest). There are 76 colleges and universities that will meet 100% of your demonstrated need. Knowing the "high aid" schools from the miserly schools can save you thousands of dollars. Fair or not, it's not necessarily the families who need it most who get the most financial aid. It's the ones who understand the system. Ian Welham is the founder of Complete College Planning Solutions. Silex Financial Group clients can access his "College Savings Video Series" (normally $47), for FREE at www.CompleteCollegePlanningSolutions.com (top of the page). Residential News Back in 2010, Fannie Mae and the National Council of State Housing Agencies (NCSHA) signed an agreement to help Housing Finance Agencies (HFA) meet the affordable housing communities they serve. Through this new relationship participating HFA members are granted access to a suite of distinct mortgage lending options designed to help them bridge the affordable housing gap in their state. The relationship or alliance offers the participating HFA members more ways to expand homeownership through unique benefits and special cost of the loan. Each state has their own program and the program will differ by agency and state usually. This benefit is in addition to the Home Affordable Modification Program (HAMP). For instance; if a borrower who has a permanent modification under the HAMP program, but becomes unemployed they may use a HHF Unemployment Program to make monthly mortgage payments. If the borrower remains unemployed upon completion of the HHF Unemployment Program, the servicing lender must evaluate the borrower for one of Fannie Mae's foreclosure prevention alternatives, including forbearance. Commercial News Investing in commercial real estate in this market can be a great way to grow your net worth. Every month, we will feature a recent (Real!) deal we just worked on to give you a sense of what is possible: The client purchased a home directly from the bank for $180,000. Due to its condition, he needed to pay cash--which he did, from his Home Equity Line of Credit. He put some work into it, and then rented it out. Once it was rented, we swooped in and refinanced the property, giving him his initial investment back + the home improvements costs. Here are the particulars on this 3 unit investment property: Gross rental income: $3550/month Loan amount: $273,600 Monthly payment of Principal & Interest: Monthly taxes: $763 Monthly insurance: $125 Positive cash flow-monthly: $1214 $1448
Slide 3: There are 19 states that are receiving HFA funds and those states are: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C. Interesting Factoid of the Month According to American Express' latest Spending and Saving Tracker survey, 64 percent of homeowners currently have home improvement projects on their to-do list for 2011. While the plans are in place, the amount that homeowners are budgeting to spend has gone down quite a bit from last year. Homeowners are looking for better ways to stretch their dollars, and many are looking toward energy-efficient home improvements that will pay off in the long run. The survey shows that among homeowners who are looking to go green, the most common items homeowners would spend their money on include energy-efficient windows and doors, insulation, roofing, heating and cooling systems as well as alternative energy systems. Contact Us Silex Financial Group, Inc. 533 Lafayette Ave. Hawthorne, New Jersey 07506 NMLS# 206605 Resources Join Our Mailing List Forward email This email was sent to joe@silexfinancial.com by joe@silexfinancial.com | Update Profile/Email Address | Instant removal with SafeUnsubscribe™ | Privacy Policy. Silex Financial Group, Inc. | 533 Lafayette Ave. | Hawthorne | NJ | 07506