Mortgage Deals

What’s a mortgage?

A mortgage is a loan that helps you buy a home. It’s actually a contract between you (the borrower) and a lender (like a bank, mortgage company, or credit union) to lend you money to buy a home. You repay the money based on the agreement you sign. But if you default (that is, if you don’t pay off the loan or, in some situations, if you don’t make your payments on time), the lender may have the right to take the property.

How to Get a Mortgage When Self-Employed

If you’re self-employed and want to buy a home, you’ll likely face a bit more scrutiny than borrowers with traditional wages. That’s because mortgage lenders routinely require proof of consistent income for mortgage approval, which can be tricky when you can’t show a W-2 or recent paycheck. Self-employed borrowers should be prepared to provide evidence of active income – simply put, the money you earn for your work.