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    On Home Buying And Credit Repair What You Need To Know
    On Home Buying And Credit Repair What You Need To Know
    On Home Buying And Credit Repair What You Need To Know
    Ebook135 pages2 hours

    On Home Buying And Credit Repair What You Need To Know

    By edward st onge

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    About this ebook

    "You can help yourself get a higher credit score with the Knowledge contained in this book. A high credit score is critical if you want to buy a home, car or get a responsible job. Learn the legal secrets to fast improvement as well as long term strategies to keep your credit score high. Dispel the myths with this insider's look behind the curtains. Secrets revealed here for the first time will help you become the master of your financial destiny.

    During the course of practicing Law for 37 years, I have spent countless hours consulting with people regarding whether or not to proceed with the purchase of a home and how to go about doing it if it's right for them at that time. It has been on my mind for some time that it would be a win-win situation for all if I put down the facts and knowledge I have acquired during these decades of study and experience. Needless repetition is avoided this way and we all win from that.

    This book contains a summarization of objective facts as well as my thinking on these matters that will be of great value to those who read it. It has become apparent that this compilation of the results of my studies will save the reader money that might otherwise have been spent on attorney's fees. Clearly a knowledgeable attorney should be hired at some point if you decide to complete the purchase of a home. I know this book will give you a firm base of knowledge that will make that attorney's job easier in that you will be such a knowledgeable partner in the business at hand that no one will think about underestimating you in any way. For advice that is specific to your own personal circumstances, you should consult your own trusted professional.

    This comprehensive, reliable and thorough road map is written for the newcomer to the process of home buying, but it is also rich in detail useful to those who already have some knowledge through their own experience and study. We are all students here and always will be. The law is constantly changing and always will change and evolve with time. Knowledge is power.

    The advice on maximizing your credit score is so useful and comprehensive that it alone is worth the price of the book. Regardless of whether you ultimately proceed to buy a home, you will benefit greatly from the knowledge gained by following through on what you learn from this chapter.

    For most people, the decision of whether or not to buy a home is the single most important financial decision they will ever make. Although choosing where you will live long term is an emotional process, that process can be quite rewarding and I have tried to keep this factor in mind. However, let it be clear that the business side of the equation must ultimately have the greater weight in all final decisions. Start by learning to think ahead, I mean really ahead and you will do just fine.

    The information contained in this book is for informational purposes only. There is no substitute for discussing your individual situation with your own attorney. It is my hope that your dealings with professionals will be aided by what you learn here.

    Let's put it together right! I will help you think it through, that's a promise. As you begin weighing whether or not to buy a home there is something you can do right away to satisfy your urge to take concrete action. Obtain and review all three Credit reports (it's free once a year}. You can obtain your free credit report from the three major credit bureaus at Annualcreditreport.com. Beware of the other sites you see advertised as being free because they are trying to sell you a credit monitoring service for a monthly fee. You may or may not decide to do monthly monitoring at some point but you may as well get your three free ones first.

    LanguageEnglish
    Publisheredward st onge, Sr
    Release dateDec 20, 2012
    ISBN9781301334490
    On Home Buying And Credit Repair What You Need To Know
    Author

    edward st onge

    In the late 60s and early 70s I was a photojournalist, reporter and editor at WTEV 6 and WJAR 10 in Providence, R.I. I went to law school nights and passed the bar prior to graduation. I was a winning litigation lawyer for 37 years. I now devote my time to helping people maximize their credit scores by pulling back the curtains hiding the credit reporting agencies, exposing myths and demonstrating legal secrets for fast high scores.

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      Book preview

      On Home Buying And Credit Repair What You Need To Know - edward st onge

      On Home Buying And Credit Repair

      What You Need To Know

      By Edward F. St. Onge Sr. J.D.

      tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_75bd2eb3.jpg

      Smashwords Edition

      Copyright © 2012 Edward F. St. Onge Sr. J.D.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of the author.

      This book can be purchased at www.onhomebuyingandcreditrepair.com.

      tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_62bf606b.jpg

      TABLE OF CONTENTS

      tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_m484197e6.jpg tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_m61a12b76.jpg

      Introduction

      I. Is Home Ownership for you at this time?

      II. To own or to rent? That is the question.

      III. Would home ownership save you taxes?

      IV. Begin by maximizing your credit score.

      V. Financial reality check.

      VI. Types of mortgages.

      VII. Hire a broker or go it alone?

      VIII. Foreclosures and bank owned properties.

      IX. Negotiations, offers and sales agreements.

      X. How to handle the Worst Case Scenario.

      Glossary

      About the Author

      tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_7daf7aab.jpg

      INTRODUCTION

      tmp_254fd09430e248a4ecfcbdaab7b14960_mMzraL_html_33c1e98f.jpg

      During the course of practicing Law for 37 years, I have spent countless hours consulting with people regarding whether or not to proceed with the purchase of a home and how to go about doing it if it’s right for them at that time. It has been on my mind for some time that it would be a win-win situation for all if I put down the facts and knowledge I have acquired during these decades of study and experience. Needless repetition is avoided this way and we all win from that.

      This book contains a summarization of objective facts as well as my thinking on these matters that will be of great value to those who read it.

      It has become apparent that this compilation of the results of my studies will save the reader money that might otherwise have been spent on attorney’s fees. Clearly a knowledgeable attorney should be hired at some point if you decide to complete the purchase of a home. I know this book will give you a firm base of knowledge that will make that attorney’s job easier in that you will be such a knowledgeable partner in the business at hand that no one will think about underestimating you in any way. For advice that is specific to your own personal circumstances, you should consult your own trusted professional.

      This comprehensive, reliable and thorough road map is written for the newcomer to the process of home buying, but it is also rich in detail useful to those who already have some knowledge through their own experience and study. We are all students here and always will be. The law is constantly changing and always will change and evolve with time. Knowledge is power.

      The advice on maximizing your credit score is so useful and comprehensive that it alone is worth the price of the book. Regardless of whether you ultimately proceed to buy a home, you will benefit greatly from the knowledge gained by following through on what you learn from this chapter.

      For most people, the decision of whether or not to buy a home is the single most important financial decision they will ever make. Although choosing where you will live long term is an emotional process, that process can be quite rewarding and I have tried to keep this factor in mind. However, let it be clear that the business side of the equation must ultimately have the greater weight in all final decisions. Start by learning to think ahead, I mean really ahead and you will do just fine.

      The information contained in this book is for informational purposes only. There is no substitute for discussing your individual situation with your own attorney. It is my hope that your dealings with professionals will be aided by what you learn here.

      Let’s put it together right! I will help you think it through, that’s a promise.

      Edward F. St. Onge, Sr. J.D.

      Your comments and questions are appreciated: www.stongebooks.com

      BULK RATES FOR REALTY OFFICES AND EDUCATORS

      Ask about customized, personalized and bulk rate editions.

      Back to top

      CHAPTER ONE

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      IS HOME BUYING FOR YOU AT THIS TIME?

      Other than the fact that it seems likethe thing to do or everyone says you should or you have just always wanted to you must think about this home buying you propose to do in a way separate from preconceptions and emotion. After all, you have always heard that buying a house is the best investment you’ll ever make. Can everyone be wrong?

      The stability and comfort provided by home ownership are important in ways that are not strictly measured by financial measurements. You may be excited by the process of transforming a house into your personal and individual home. This will become your sanctuary and your playground. You may be prepared to spend some time on household chores, perhaps at the expense of time you now spend socializing. Be forewarned, however, that the financial advantages of home ownership are frequently exaggerated.

      But this is a win-win situation isn’t it? I have to live somewhere, so instead of paying rent, I will acquire a valuable asset that becomes a built in savings account that constantly appreciates. My profits if I sell will be Capital-Gains tax-free. Is it all really that simple?

      I get to deduct the interest from my income taxes. I can control the costs because rent can go up but my mortgage will not. I suppose property taxes, insurance and maintenance may go up with time but probably not much. Am I missing something here? Buying their home is what adults do most people think but it is not always that simple.

      In many cases, it is a wise decision. In other cases it may be wiser to wait. Let us examine some of the factors that should go into your analysis of whether this is the right decision for you at this particular point in time or at sometime in the future. Most people should own their own homes at some point in their life, but let’s think about whether this means now, in the near future or somewhere further down the road for you. Do not let anyone pressure you into thinking there is a rush to get in now. Prices are not expected to really hit bottom for years to come. Prices appear to have reached a bottom in most areas but are unlikely to rise at pre-bubble rates for the forseeable future.

      YOUR FINANCIAL SITUATION: Do you have any cash? Can you prove sufficient income to handle the mortgage through at least 2 years of income tax returns? How is your credit rating? We will get into this reality and what we can do about it early in the book. You must take a hard look at your overall financial situation in the same way that your lender will look and we will do this well ahead of time.

      YOUR PERSONAL SITUATION: Do I want to commit to living here long term? How is my job security? Is the proposed home centrally located to job, amusements, shopping, church, schools to make my life easier? Do I like this area for the right reasons? If you are moving to another region, you may be faced with a higher cost of living. If you are moving to a new city to take a new job, your employer may pay your moving expenses. If not you may deduct these costs. There is a non-profit organization called ACCRA.com, which compares cost of living indexes for more than 350 cities in the U.S.

      THE BIG PICTURE: The market has been declining. Interest rates remain at historic lows. Will these trends continue or reverse themselves? It seems likely there will be winners and losers.

      Remember when you identify a home with potential for you that the effects of the housing bust have been unevenly distributed. In South Florida, Phoenix and Las Vegas house prices relative to rents are very low. Constant pressure from foreclosures has forced prices way down. In Seattle and Portland, this is not the case.

      How about government tax credits and interest rates? These factors are so impossible to predict that your own guess is probably as good as that of anyone else at any given time.Be assured that this book is constantly updated. We will send you the most current information in the latest edition available at the time of your order. The E-book edition is updated immediately as soon as new laws and information come to light.

      FAIR HOUSING: Fair housing refers to your right that housing will be available to you without discrimination based on your race, color, religion, sex, ancestral origin, familial status, disability, marital status, sexual orientation, age (18+) gender, identity and expression or being a victim of domestic abuse. You are protected under both federal and state law. For additional information call 1-888-722-1461, or visit www.fairhousing.org.

      Back to top

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      CHAPTER TWO

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      TO RENT OR TO OWN? THAT IS THE QUESTION

      Renting is usually cheaper and more flexible than buying. Many renters simply don’t like being tied down and worrying about maintenance and upkeep. Leaky roofs and blown fuses are someone else’s problem. Most leases

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