What’s the Difference?
A traditional loan is provided by a financial institution, like a bank or mortgage lender, and typically has a set of guidelines, restrictions and criteria a borrower must meet to qualify for the mortgage, typically set by the federal government. This helps protect the lender and borrower.
A private mortgage loan is provided by an individual person or a private company that creates their own criteria, guidelines and qualification requirements, which could be different for each borrower. Offering more flexibility for a potential borrower.
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