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Veer Lofts Monthly Payments Too Low

By Matt Goyer February 21, 2009

Today Veer Lofts sent out the following email:

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…

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11 responses to “Veer Lofts Monthly Payments Too Low”

Mark W says:

February 21, 2009 at 12:11 pm

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 says:

February 21, 2009 at 12:11 pm

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.
The Tim says:

February 21, 2009 at 12:26 pm

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 Tim says:

February 21, 2009 at 12:26 pm

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 says:

February 21, 2009 at 5:54 pm

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 says:

February 21, 2009 at 5:54 pm

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.
henriksen butler says:

February 22, 2009 at 7:27 pm

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.
Polarized Sunglasses says:

February 22, 2009 at 7:27 pm

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.
Quotes says:

April 19, 2009 at 2:45 am

Thanks for the informative post, I liked reading it.

Chris
Quotes says:

April 19, 2009 at 2:45 am

Thanks for the informative post, I liked reading it.

Chris
Quotes says:

April 19, 2009 at 9:45 am

Thanks for the informative post, I liked reading it.

Chris

Veer Lofts Monthly Payments Too Low

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