Homes are a serious, emotional thing. You plan to spend many years of your life in a home. Your kids will grow up there, running around in the back yard. Buying a home is not a game to you.
Is it a game to your mortgage broker?
Here’s how the changing expectations game works. Your broker announces that you qualify for a loan, and he tells you that it’s one interest rate at the outset. You celebrate – you’ll finally have that house you’ve been dreaming about.
A short time later, he tells you that the interest rate is just a little bit higher than he originally said – something changed with the lender. Still, you don’t worry. You get attached to your new home. You pick out curtains and wallpaper.
Over the next few weeks, the costs creep slowly upward. Your broker calls and gives the bad news. You start to feel uncomfortable – this is getting more costly. But still, the house is worth it. All of your friends are excited for you.
Finally, the closing comes. You go in to sign the paperwork with the notary public. You notice a different interest rate than your broker originally told you about, and a number of fees he never mentioned to you. You ask the notary what’s going on.
The notary says, “uh, sorry, I’m just a notary.”
You wish your mortgage broker was here – you feel like something isn’t right. You hope you’re wrong.
You’re not happy, but you can’t turn your back on this house now. You’ve already invested too much, financially and emotionally. You sign the paperwork. He makes his money.
He’s playing with your expectations.
You lost the game.
(Read on for for Part 2 of Playing with your Expectations)