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 of us wanted to ask to borrow a cup of sugar from the neighbor and found ourselves in the middle of a chit-chat over their garden gnomes? 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.

The spicy part now: 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. Yes, private lenders won’t be as cheap, but, man, they are flexible-just like your yoga instructor standing on one leg. 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. You see, private lenders have to protect themselves. With greater risks, tighter timelines, and the odd flightiness on the part of us human borrowers, they’ve got to keep their pocketbooks buttoned up. You’re going to be charged what seems like a small fortune by your mortgage hero based on this very risk.

It’s just like making soup: everything needs to be just so. Some people choose to fly alone, while others hire a captain. Each has their own advantages. Sometimes community forums can be a goldmine of knowledge, but they can also lead you down a rabbit-hole with their confusing terminology. Sometimes the laugh riots are on just because there is just so much to learn about something as straightforward 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.