This is because borrowers of non-owner-occupied properties are more likely to default on their mortgages. An occupied bed should be considered to be an available bed where there is a patient physically in the bed or the bed is being retained for the patient (e.g., the patient is receiving treatment or is on leave). A mortgage on a non-owner-occupied property might have a slightly higher interest rate than a mortgage on an owner-occupied property. The accurate classification of property is important for real estate lenders to determine the interest rate that they will charge a borrower and to ensure they are adequately compensated for the risks they take in lending money for a purchase. A borrower can use a non-owner-occupied renovation loan to purchase an investment property and pay for the costs to repair the property for future tenants.occupies an apartment on a two-year lease. : to fill or perform the functions of (an office or position) will occupy the newly created office of chancellor Current Biography. ![]()
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