Before you finalize about how you want your mortgage to be sanctioned, here is al list of things that make a private mortgage stand apart from the others.

The application process: Private lenders offer online applications that don’t focus on scrutinizing your financial life but rather it focuses on getting you the amount you need.

The personalized service: The mortgage specialist that you work with often knows the inside details of your financial situation and the pros and cons that help them avail you the best options for you as a personalized service.

Freedom of choice: One positive point about a private mortgage is that you can select who you want to work with. When you go for a traditional mortgage lender you need to go with the person assigned by the bank for you. This can, in many ways, make you feel limiting and can also give you a view that you cannot have a say in the process. There are more options available when it comes to private mortgages.

Yes, there is almost always a fee for private mortgages. In this way the broker who is working on your deal gets paid for his work. The Fee you need to pay completely is dependent on your broker. In some cases, the broker can consider his payment as low as $500. In certain cases even as high as 5% of the amount you’re borrowing can also be taken. It is always advisable to ask this upfront when it comes to private mortgages.