Owner-occupied loans are loans taken out on a property in which the borrower is a homeowner. These mortgages are generally more favorable to borrowers because they have lower interest rates and better terms than those with an investor or commercial property.
Whether buying a new home or refinancing an existing one, owner-occupied loans can help you get the financing you need. The benefits of these types of loans include:
Borrowers who use owner-occupied loans typically pay lower interest rates than those who take out non-owner-occupied loans. This can benefit homeowners who want to get out of their old mortgages but do not have enough home equity.
In addition to paying lower interest rates, borrowers also benefit from lower closing costs than non-owner-occupied mortgages. This can reduce the money needed for down payments and closing costs for buyers who may not have the cash on hand for these costs upfront.
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