GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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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.

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