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2A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal As easy as 0-1-2-3 As easy as 0-1-2-3

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Marketing and Sales Specialist ................ Gabriella Gruber Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ........Shmuel Shayowitz, Approved Funding Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 18 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com

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Shmuel Shayowitz

Keeping Up With The Jonses’ Mortgage

L ong before there was a “Keeping up with the Kardashians,” and the like - Americans were focused on “Keeping up with the Jone- ses.” For those who don’t know, ‘Keeping up with the Joneses’ is an expression that refers to the comparison to one’s neighbor as a benchmark for social class or the accumula- tion of material goods. Accord- ing to Wikipedia, the phrase originates with the comic strip Keeping Up with the Joneses, created by Arthur R. “Pop” Momand in 1913. I assure you that the concept originated well before that. When it comes to the recent “dip” in mortgage rates, I am finding a funny comparison and competition occurring in the marketplace. As most of my business comes from word of mouth referrals from current or past satisfied clients, I find that they are often pointing at the rate that their friend received and expecting to get the same or better. When I offer someone a low rate with limited or no fees, moments later, I get a phone call or email asking for

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“the same deal.” I greatly appreciate the re- ferrals and introductions – it is the driving force of my busi- ness and keeps me motivated to exceed the expectations of my clients. That said, I always encourage people to explore and discover what is being of- fered in the “real” market (i.e., from friends and relatives, as opposed to the media and national averages), as I think it’s a healthy exercise. At the same time, however, when it comes to the particulars of what one homeowner might get as opposed to their neighbor, the range is enormous. Many variables go into consideration when someone is getting accu- rately quoted a rate for their specific circumstances. Don’t get me wrong; there

are still banks out there that put all of their clients into a “box,” They maintain a one- size-fits-all approach. For all those that meet the rigorous parameters of their guidelines and demands, you will get the universal rate that they offer to everyone. That might work out very well if the prices are “be- low market,” and a client has issues that would otherwise not yield the same terms else- where. Alternatively, if some- one has superior qualifications or other compensating factors, that might not be “rewarded” if the bank has a uniform rate for all its applicants. It is because of these (and so many other) inefficiencies in the banking environment that lenders such as Approved continued on page 16A

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