How to do fake chroot in RHEL/CentOS 7

I want to do primitive 'virtualization' of my RHEL environment. This comes out of the fact that I have to run a couple of binaries with hardcored paths pointing to eg. /etc/conf directory. There is a couple of different binaries that actually need different, conflicting configuration placed in the same dir. So I want to run application A that reads conf from /etc/conf and I want to run application B that reads conf from /mnt/etc/conf but actually "believes" that it is reading from /etc/conf by providing a script that "changes" the current / dir location to /mnt. I've head that for this kind of ops you can do with fakechroot, but it is not available any more. Is that correct? Is there any better way to provide this functionality?