Private Mortgages may be the name, but it’s anything but the name of some sort of secret club. These alternative financial instruments to traditional bank loans raise some eyebrows because not everyone has perfect credit scores, unusual income streams, or timelines that need a pace much quicker than the banks offer-you know, just zip-a-dee-doo-dah. Read more now on Private Mortgages

How many times have we asked a neighbor to lend us a cup and ended up in a conversation about their garden gnomes instead? Private mortgages are similar to sugar borrowing. You aren’t dealing with a faceless, huge animal. Instead, you will be chatting with a small business or individual lender. They are more relatable and have fewer garden gnomes.

Now comes the spicy part: Flexibility. For many, conventional banks are a complete no-go because they carry mountain-high stacks of paperwork and red tape, just like a cat’s cradle. Private lenders may not be as cheap but they’re flexible, just like your yoga teacher standing on one foot. They are flexible and will negotiate with you about property types. Sometimes they even barter rent for a few garden gnomes.

But then comes the bitter pill amidst sweet opportunities-interest rates can be higher. Private lenders need to protect themselves. They have to protect themselves from the increased risks, the tighter deadlines and the erratic behavior of human borrowers. Your mortgage hero is going to charge you what feels like a small fortune based on that very risk.

Just like when you make soup, everything must be perfect. Some people choose to fly alone, while others hire a captain. Each has its advantages. Community forums sometimes can be a treasure trove of wisdom, and sometimes a rabbit hole one can easily fall into with confusing terminologies. There are times when the laughter is rife because of how much there is to learn even about something so simple as a mortgage. Private mortgages are game changers, so it doesn’t matter if you dip your toes or dive in head first. Ask your uncle to give you the “guy’s” number and see if this option will bring you closer towards your dream home. Gnomes are optional.