Form 4506-T is an official request to the Internal Revenue Service to provide your federal tax information to your mortgage lender. For the lender, this form provides critical verification of the income you report in your loan application. For you, it means that the figures
If you haven’t applied for a mortgage since the housing and mortgage crisis occurred, you may be surprised when your lender mentions 4506-T form. Officially known as Form 4506-T, Request for Transcript of Tax Return, the form gained prominence when Fannie Mae requested all lenders
There have been a tremendous amount of foreclosures happening due to the recession – in fact, 5 million homes have gone through foreclosure in nearly seven years since the housing collapse. Buying a foreclosed property can seem very appealing with properties available at a below
Stepping in the year 2015, we’re on the cusp of witnessing a noticeable shift in the housing market. With a strong tailwind from economic recovery and declining unemployment rates, housing market is heading up for an optimistic start in 2015. Mortgage rates are rising, the
Defaulting on your home loan and having to foreclose your property can be really painful. But at times, walking away from your home is the best, and only, solution you are left with. But foreclosure is not the end of the world. Moreover, you are not
Lenders realize that borrowers are more likely to default on mortgage payments on their second home loan. That’s the reason getting a second mortgage loan approved is always tricky and harder than the first one. But once the lender is convinced that you can afford
If tabloids are to be believed, the much-awaited U.S. housing recovery is on its way. In order to find out how truthful the media reports are, we took a closer examination of the optimistic recovery figures and came out with a detailed report. This report
After all those years, John and Natalie finally found their dream home. They couldn’t wait anymore to move in, so they applied for a mortgage the very next day. But they discovered that they are short of one important document before the mortgage gets approved
A person feels most loved and cared in his sweet abode. But have you ever thought that your home needs care too. Future is uncertain. A home is ever vulnerable to natural and man-made disasters. In case, a misfortune strikes leading to damage or destruction
Homebuying can be a daunting task not only because it involves such complex decisions, but also because there’s a lot of misinformation circulating about mortgages. Such myths and misconceptions impede potential homebuyers in their decision making process. Even the most knowledgeable homebuyers give in to