What Is A Private Mortgage Loan?

A private mortgage is an alternative financing option provided by a private lender when traditional banks or lending institutions decline a borrower’s mortgage or home refinance loan application. Typically, these loans are short-term and interest-only, spanning from 6 months to 3 years.

The benefits of getting a private mortgage:

  • Debt Consolidation
  • Quick Approvals and Less Hassle
  • No Minimum Credit Score Requirements
  • Credit Rebuilding Opportunity
  • Vendor Take-Back Mortgages

Drawbacks of Private Mortgages:

  • Higher Interest Rates
  • Interest-Only Payments
  • Broker and Lender Fees
Private Mortgage