Owner Occupant

Definition

  • 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.

Synonyms
owner-occupier, owner occupancy

Related Terms and Acronyms

  • Early Occupancy Definition,
    • A condition in which the seller allows the buyer to move in before the sale is closed.
  • Mortgagor Definition,
    • The borrower in a mortgage transaction.
  • Non-owner Occupant Definition,
    • A borrower who purchases a property for investment or rental purposes and will not occupy the property.
  • Owner-Occupied (owner/occ, OO)Acronym & Abbreviation,
    • 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.
    • The owner lives in the building.
  • Proprietor Definition,
    • The owner of a business or property.
  • Secured Loan Definition,
    • Borrowed money that is backed by collateral.
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