A private mortgage refers to a loan, secured by real property, provided by an individual or a private entity, rather than a traditional financial institution like a bank or credit union.
Here are some key features:
Lending Source
The lender can be a private individual, a group of investors, or a private lending company like a MIC (Mortgage Investment Corporation).
Terms and Conditions
Private mortgages often have more flexible terms compared to traditional mortgages. They can v...
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