Mortgage from Private Lender or Regular Bank?

[Jerry Poon]

I am seeking a loan, and I have a few options between a private lender and a regular bank. The terms are similar. What are the pros and cons of each?

Will the private loan show up on my credit?

And lastly, what are the general rules of thumb or red flags that I should look out for when working with a new lender so that I don't get screwed?