Owner Occupied Loans

In mortgage lending, the term “owner-occupied” means a residence primarily used by its buyer. Mortgage lenders tend to give generally favorable loan interest rates and lending terms for primary residence mortgages. Because your primary residence will be owned and occupied by you, your mortgage lender assumes it will be better cared for than it would be as a rental residence. In fact, mortgage lenders won’t give primary residence-type mortgages for homes that won’t be owner-occupied, at least during their first year of ownership.

Benefits

Cheaper interest’s rates compared to other loans