Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Owner Occupant

Synonyms:owner occupancy, owner-occupier
Filed Under: financial-banking, investments, mortgages, real-estate
Tags: banking, investment, mortgage, realty

Definition of owner occupant

owner occupant
1. A borrower who occupies or lives in the property used as security or collateral for the mortgage loan. Typically, owner occupants have access to the best mortgage rates since lenders view loans held by the primary resident as a lower a credit risk.

Related Terms and Acronyms:

  • early occupancy   A condition in which the seller allows the buyer to move in before the sale is closed.
  • mortgagor   The borrower in a mortgage transaction.
  • non-owner occupant   A borrower who purchases a property for investment or rental purposes and will not occupy the property.
  • owner-occupied (OO, owner/occ)   Used by mortgage lenders and brokers upon negotiating terms of a mortgage loan. Owner occupied means that the borrower is also the primary resident of the property to be mortgaged.
  • proprietor   The owner of a business or property.
  • secured loan   Borrowed money that is backed by collateral.

Search the Glossary

Canadian Mortgage Calculator
We've taken it all apart and put it back together again — bigger and better than ever. The new mortgage calculator adds dozens of new features including a number of automatically generated charts and graphs designed to aid you in finding the best mortgage for you.
Mortgage Calculator Try it
Mortgage Rates
Check out how we stack up against our competition and compare our mortgage rates.
Mortgage Rates
Mortgage Brokers
We have been active brokering mortgages online since 2001 and we hold the necessary experience to find you a great mortgage with the best rate.
Mortgage Brokers Hold Experience