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? 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. 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.

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. 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.