Why do we need the Term Non-Owner Occupied Loans? (Real Estate - Apartments, Houses for Rent)

Item ID 14459690 in Category: Real Estate - Apartments, Houses for Rent

Why do we need the Term Non-Owner Occupied Loans?


Real estate lenders need to accurately classify property to determine the interest rates they will charge to borrowers and ensure that they are compensated for the risk they take when lending money to purchase it. A mortgage on a property that is not owned by the owner might have a higher interest rate than one on an owner-occupied home. Because non-owner occupied property borrowers are more likely to default on mortgages.

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