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Homebuyers probably shop around to get the best deal on dishwashers for their new home. That might save them a hundred bucks. But when it comes to the mortgage on that new home, the attitude is, “Eh, sure, 4.5%, whatever.” That might cost them a hundred bucks per month for 30 years.
Part of this is because shopping for a car is intimidating, as is getting a mortgage. People just want the transaction to be over.
But it’s also because of something called “mental accounting.”
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