Veer Lofts Monthly Payments Too Low

Today Veer Lofts sent out the following email:

477814392 gdxTp S Veer Lofts Monthly Payments Too Low

It was quickly followed by this email to me from a reader:

Dude – are you posting from Hawaii? This is absurd. Look at the estimated payments… :) and then look at the asterisk at the bottom: based on an interest rate that doesn’t exist, without taxes or HOA (never mind that assumes 10% down) and also probably doesn’t include PMI – now almost $250/month thanks to the credit crunch! I don’t normally get fired up about this stuff but this borders on lying…

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Mark W

    I'm no fan of small print, but I don't see how this borders on lying. Spot-checking a couple loan sites on the web, and I apparently can get approx. that interest rate.

    Furthermore, its customary for monthly loan payment figures to not include other costs of home ownership that the mortgage isn't covering. Furthermore, taxes, insurance and HOA dues can change drastically during the 30-year life of a loan, so they're in no position to project what anyone's payments for those things will be.

    Car sales in recent years often advertise very low interest rates “for well-qualified buyers”. It's not lying when they do so.

    That said, if I were to go to a car dealer or home seller only to find that *my* payments would be higher than those advertised, given my good credit, I'd walk away. And I'd stay away from any other development by the same developer or other developers represented by the same marketing agency. And let them know.

  • Mark W

    I'm no fan of small print, but I don't see how this borders on lying. Spot-checking a couple loan sites on the web, and I apparently can get approx. that interest rate.

    Furthermore, its customary for monthly loan payment figures to not include other costs of home ownership that the mortgage isn't covering. Furthermore, taxes, insurance and HOA dues can change drastically during the 30-year life of a loan, so they're in no position to project what anyone's payments for those things will be.

    Car sales in recent years often advertise very low interest rates “for well-qualified buyers”. It's not lying when they do so.

    That said, if I were to go to a car dealer or home seller only to find that *my* payments would be higher than those advertised, given my good credit, I'd walk away. And I'd stay away from any other development by the same developer or other developers represented by the same marketing agency. And let them know.

  • http://seattlebubble.com The Tim

    In related news, a Mercer Island home builder is blasting out blatant spam emails to try to dump their so-called “integrity collection” of homes.

  • http://seattlebubble.com The Tim

    In related news, a Mercer Island home builder is blasting out blatant spam emails to try to dump their so-called “integrity collection” of homes.

  • The MD

    Actually, 4.75% is easily the going rate for 30 year fixed conforming loan right now. I've even seen some friends getting 4.5% 30 year fixed rates for P&I. I will admit, however, it isn't “kosher” to to leave out monthly HOAs and monthly Taxes when quoting a payment. Its that kind of behavior that helped get us all in this f*cked up mess in the first place.

  • The MD

    Actually, 4.75% is easily the going rate for 30 year fixed conforming loan right now. I've even seen some friends getting 4.5% 30 year fixed rates for P&I. I will admit, however, it isn't “kosher” to to leave out monthly HOAs and monthly Taxes when quoting a payment. Its that kind of behavior that helped get us all in this f*cked up mess in the first place.

  • http://www.hbdg.com henriksen butler

    I can't see the payments very clear the prints are so small next time don't post in small prints but thanks for the good news.

  • http://www.sunglassesuk.com/polarized_sunglasses.asp Polarized Sunglasses

    I can't see the payments very clear the prints are so small next time don't post in small prints but thanks for the good news.

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