Getting approved for a mortgage is difficult for gig workers due to the inability to prove a steady income.

If you’re not tethered to an employer and find yourself hopping from job to job, there are dozens of job titles you “assign” yourself. Whether you call yourself a freelancer, temp worker, independent contractor — it’s all the same term for a job that feeds the gig economy.

Unsurprisingly, this widely-accepted way of work, which satisfies a work-balance for millions of Americans, isn’t going away anytime soon.

In fact, according to a research study by the robo-advisor firm Betterment, more than one in three workers are freelancers and Forbes predicts that half of U.S. workers will be freelancers by 2020.

According to NACo, the growth of the gig economy represents a change in the ways that Americans view what work means to them. Instead of working full-time for only one employer, some workers choose to enter the gig economy for the flexibility, freedom and personal fulfillment that it provides.

 

However, there’s a downside to this freedom — your income could be perceived as “riskier” if you want to get a loan, especially when it comes to getting a mortgage.

Source: Gig Worker Mortgage Guide | Bankrate.com

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