Whenever I work with people on loans that are nearby I like to attend their closing, when possible. This one was a good reminder for me that buying a house is one of the top three most stressful situations for most people, ranking just behind changing jobs, and divorce. The buyers were stressed. All the planning, all the strategizing and revising of strategies ran together in the buyer's mind after awhile.

What added to the stress is that in the midst of all the last minute changes that were going on, the lender sent a Truth-in-Lending notice in the mail for a loan program that was part of the original strategy, one having an interest rate of nearly a point higher than the final loan program agreed to. It had arrived just two days before. The borrower's confidence waivers upon opening the envelope. "5.625% interest!? I thought we agreed to 4.75% interest..."

Well, of course we had. But in the lag of mail-time of original estimates to the borrower (sending borrowers copies is a Regulation Z requirement) has turned an act meant to protect consumers into an another source of confusion and uncertainty. This, of course, adds to the stress felt by home buyers. My job as a mortgage consultant includes an element of calming home buying fears. That's also why I go over the terms and conditions of the loan many times before closing. But the stress of home buying seems to affect people's memories!

Once the buyers saw their loan documents did include the correct interest rate, they both breathed a sigh of relief. And by the time they were done signing the closing documents they were both laughing again.

Just what I like best: helping clients reach their dreams of home ownership.