You can find private mortgages outside of the bank

Private Mortgages is not a 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? 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. Many people are not interested in conventional banks because of the mountains of paperwork they require. 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. 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. 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. Sometimes the laugh riots are on just because there is just so much to learn about something as straightforward as a mortgage. Be it dipping your toes in or plunging head-on in, just so that private mortgages can play their role: to be game-changers. 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.