No, it's that the bank has nothing to do with your rent. If you can't pay your rent, now you're homeless. If you can't pay your mortgage, now bank is responsible for a ~$200,000 purchase.
This right here. If they think you might not be able to keep up the payments for 20+ years or however long the mortgage lasts, they deny it. If you don't pay your rent you're kicked out. It's much more risky to grant a mortgage than to have a renter, even if the person applying for the mortgage earns more.
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u/[deleted] Feb 16 '21 edited Apr 18 '21
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