A private mortgage, often referred to as a non-institutional or alternative mortgage, is a loan provided by individuals or private lending companies rather than traditional financial institutions like banks or credit unions. Private mortgages are ideal for borrowers who may not meet the strict criteria set by conventional lenders, such as those with less-than-perfect credit scores or unique financial circumstances.
They offer a flexible and tailor-made approach to home financing, opening doors to homeownership that may otherwise remain closed.
