Getting a mortgage for your new home is easier if you have a steady job with a steady paycheck. However, many individuals run businesses and work as freelancers. The self-employed can still get a mortgage, but they need to know how. Here are a few tips to help secure a mortgage if you work as a freelancer or you're self-employed.
Start Saving your Down Payment Now
A larger than normal down payment always helps tip the scales in your favor. When you're self-employed it helps if you can put down 20% or more. This will make it easier to get approved for a mortgage even with the higher risk class of being self-employed.
Fix any Credit Problems Now
If you have bad credit or less than great credit, you want to work on fixing it now. This is very…