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Private Mortgages: Banks
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Private mortgages are mortgages where the funds lent to an individual do not come from an institutional source such as a bank, credit union or trust company. Instead the funds come from private individuals such as you. If you have money available in your savings account, RRSP, holding company or Family Trust you could use these funds to invest in mortgages at an above average yield.
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Craig Venezia is a nationally recognized authority on private mortgages. He has appeared on CNN/Money’s “Open House” and been quoted by major media including theNew York Times, Los Angeles Times, Chicago Tribune and National Public Radio. Formerly, Mr. Venezia served as an executive at Wells Fargo Bank and was affiliated with E*TRADE Financial. He has ... worked as a senior executive specializing in private mortgages at a financial services company. He resides in Massachusetts with his wife and three children.
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In essence, private hard money mortgage lenders work exactly the same as any other financial institution. They all provide you funding for your future home. However sometimes an interested buyer may face difficulties when dealing with banks. In this case, private mortgage investors may offer more flexible terms such as a shorter closing period and savings on mortgage expenses.
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