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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 times have we asked a neighbor to lend us a cup and ended up in a conversation about their garden gnomes instead? 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. Now comes the spicy part: 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. Private lenders may not be as cheap but they're flexible, just like your yoga teacher standing on one foot. 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. 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 fly solo; some hire guns to captain the vessel. Each has its advantages. Sometimes community forums can be a goldmine of knowledge, but they can also lead you down a rabbit-hole with their confusing terminology. 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.