Don't assume FHA loan is a better deal than conventional
By including the mortgage insurance premium in the monthly payment, we force the impulsive shopper to confront the total monthly payment, which in the case at hand is higher on the FHA. Hopefully, this will reduce bad impulse-based decisions, but we won't know for sure until we check it out.
Of course, we could eliminate bad impulse-based decisions by eliminating the option, and we carefully considered doing that. We didn't because it smacks of arrogance, and I hate eliminating options. We decided first to exhaust all the possibilities for improving the way we present information.
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