Also the limiting factor for most people getting a regular mortgage is the down payment and credit check, not the actual monthly payment. Unless you’re rooming with 3 other people (and maybe even then) you’d likely spend less on a mortgage than your rent depending on where you live.
Except longer term loans have higher interest rates so you’ll be paying nearly the same per month anyway
Also the limiting factor for most people getting a regular mortgage is the down payment and credit check, not the actual monthly payment. Unless you’re rooming with 3 other people (and maybe even then) you’d likely spend less on a mortgage than your rent depending on where you live.
That’s my understanding, based on my current experience with a mortgage.
However, I don’t know what my IQ is so I guess I can’t speak on this.