So I get a bulk—er, standard—rate envelope, with no return address, and inside it is a plain white card with a weird abbreviation of the name of my bank at the top, and the amount of my original mortgage loan below that. The text reads
Your mortgage with [weird abbreviation of bank name] can be re-negotiated with a 5 year payment rate of 2.00%*. This yields a monthly payment of [Some amount not much less than my current P&I amount].Then there's an 800 number to call and a case number to reference. That footnote? In print substantially smaller than anything else on the card, it reads
4.66 APR/40 YR Term ADJ / P and I / [blah, blah] / excludes taxes and insurance / rates subject to change / certain conditions may applyReally? I can sign up for a 40-year mortgage? With people who are so proud of their company that its name appears only in the smallest type on the card? Oh, happy day! Posted by Craig at December 12, 2005 06:27 PM
[Name of outfit making this offer] not affiliated with [weird abbreviation of bank name]