Are private lender mortgage rates different than the banks rates

Private lenders can be more flexible, but the rates will be higher, and the terms shorter, in most cases.

Sure. The average rate for a private mortgage is over double the rate you find in retail lending.

Yes, they are usually higher. You will have much more flexibility with a private lender and may be able to do a loan that a bank or lender would not. I would suggest to speak with a local loan officer to see what your options are. If you have any questions please call or email anytime. 303-521-7169 / syoung@firstcal.net

Traditional lenders sell their mortgages into the secondary market, freeing up that money to make additional loans. For this reason, the market demands that the loans that are sold conform to certain characteristics that help ensure the loans are likely to pay. Most private or hard money lenders are lending their own money and don't sell the loan. This allows them to be more flexible in the criteria of the borrowers, but that comes at a cost, usually in the rate and the fees. If your situation requires you to use a private lender, then expect to pay more. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Yes, they generally have higher rates than retail banks. However, private lenders can be more flexible in terms of qualifying.

All the answers assume you are comparing truly private financing, not a private mortgage company vs. a retail/bank type lender where the rates will generally be pretty similar depending on who you talk to.