How hard is it to qualify for a private mortgage? What is the turnaround time?
One of the advantages of seeing a private mortgage is the ease of application and approval. Unlike a traditional bank that may need approvals from several different levels or even go to a committee, a private mortgage can turn around a decision as quickly as within 48 hours. Of course, there is paperwork and you will need to supply certain documents but the requirements are less stringent. Private lenders are more understanding of less than perfect credit or self-employment. To streamline the process most applications are available online and have very clear instructions about any additional paperwork that may be required.