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Mortgage glossary
P&L Loan
A loan option that may use a business profit-and-loss statement to help evaluate self-employment income. The statement shows business income and expenses. The lender may require it to be prepared or reviewed by a qualified tax professional or CPA and may request other documents.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.