What is Private Mortgage?
A private mortgage is a home loan financed through a private source of funds rather than through a traditional mortgage lender. It can come in handy for people who struggle to get a mortgage the typical way. Private mortgage lenders can be individuals or institutions who can be thought of as angel investors. Private mortgage lenders look beyond bad credit histories and numbers, and try and assess each case individually as a potential investment opportunity. Some private lenders even like to meet the borrowers in person to assess suitability for their investment. They usually charge a higher rate of interest, but the process of getting a loan from them is much faster and easier.