Private Mortgages may be the name, but it’s anything but the name of some sort of secret club. Alternative financial instruments to traditional banks loans are a source of some controversy because not everyone is able to qualify for a bank loan due their poor credit score, income stream, or needing a much faster pace than what the banks can offer. 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? Well, private mortgages are sort of like sugar borrowing: you are not working with some huge, faceless animal; you’re most likely chatting up an individual lender or small company; they are far more relatable, have fewer gnomes, and often make their lending decisions way quicker.

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 take negotiations, property types, and often barter for rent with a garden gnome or two.

But then comes the bitter pill amidst sweet opportunities-interest rates can be higher. You see, private lenders have to protect themselves. They have to protect themselves from the increased risks, the tighter deadlines and the erratic behavior of human borrowers. 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 fly solo; some hire guns to captain the vessel. 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. Go out and venture forth; maybe ask your uncle for that “guy’s number” and see whether this option brings you closer to your dream home-gnomes optional.