Understanding how an owner-occupied mortgage works helps you to find the perfect loan package. Generally, owner-occupied financing is easier to obtain than other types of properties. For example, if you are looking to invest in real estate, and the home is not owner-occupied, you can expect to pay a higher interest rate. Therefore, investment properties and second homes do not run as smoothly in the underwriting process as do the owner-occupied properties.
What to Look for with Owner-Occupied Financing
One of the most important things you can do to ensure a smooth transaction is make sure the home you are buying or refinancing is an owner-occupied primary residence. There are people who try to take advantage of the lender by claiming investment homes and second homes are primary residences when they are not a primary residence. Investors try this to secure a far lower interest rate that is obtained on a primary residence. Guarantee the lender that the home is your primary residence, and you will find the underwriting process moves forward with ease. Also, there are multiple programs available for owner-occupied homes which make it easier to find the right loan package. Lower rates and lower monthly payments are found with owner-occupied financing.
Where to Look for Help
If you are unsure where to begin in your pursuit of owner-occupied financing, start by contacting us. Our company is based out of New York and sets the standard for helping borrowers find the right loan program. Our network of lenders ensures the transaction runs smoothly and efficiently. We are a team of experts who guarantee that you find a loan that fits your need and your budget. Stop by or call today and find out how we can help you with your mortgage needs.
Contact us at (800)842-2910.