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Real Estate Appraisals and Your Mortgage: An Interview with Deanna Valeo, Mortgage Professional

By Deanna Valeo

Tell us a little about your company and its foundation.

First Choice Mission Statement:
The mission of First Choice Loan Services Inc. is to create a positively significant and deeply sincere impression on all we serve. Our high caliber mortgage professionals are dedicated to opening doors to home financing while providing a boutique-style mortgage experience with exceptional service to every homebuyer, homeowner and business partner. By exemplifying servant leadership, we are committed to improving the quality of our local communities.

First Choice Core Values:
Service Beyond Belief
Honesty & Integrity

First Choice Bio:
Founded in 2009, First Choice Loan Services Inc. provides a wide range of mortgage products including FHA and VA loans, fixed and adjustable rate mortgages, refinancing options, Jumbo loans, and renovation mortgages. With a team of close to 600 members crossing ten states, First Choice is exempt, licensed to lend or registered as required nationally (excluding AR and NH) and has over $2 billion in annual originations. Having recently received several honors including being recognized as one of the Top 100 Mortgage Companies in America* and a Top Tech Savvy Lender and Servicer**, we are well prepared to begin working with you on your home financing options.

*Mortgage Executive Magazine, March 2014, **Mortgage Technology, Sept., 2013.

What services does your company provide?

Residential home loans for consumer purchasing or refinancing 1-4 unit properties as primary, secondary, or investment property.

What factors most influence your mortgage?

The factors that determine the eligibility and type of loan product available for a borrower are:
Credit rating
Down payment
Income to debt ratios
VA eligibility
Location of property for specialized programs like 100% USDA (United States Department of Agriculture-Rural Development program) or local down payment/closing cost assistance programs such as NC Bond or House Charlotte.

How can a home appraisal influence a person's mortgage?

The appraisal is the strongest indicator of the value of the collateral that the lender is securing their loan to the borrower against. The appraisal also can point out market trends for the neighborhood and condition issues that should be addressed that can affect the health and safety of the resident of the home.

Is it smart to get your home appraised prior to refinancing your mortgage?

The lenders have to be the ones who order the appraisals due to the requirements of HVCC (Home Valuation Code of Conduct). This is a law that mandates appraiser independence from influence by interested parties in the proposed value of the collateral. In other words the lender cannot tell an appraiser what they "need" the value to come in for. Also, only in the cases of an FHA or VA loan can an appraisal be transferred from one mortgage company to another since the mortgage company making the loan has to certify that the appraiser was not influenced unduly.

A homeowner can order an appraisal but may be costing themselves dual fees for the same service. There are a few other no cost ways to get an estimate of value: online services or ask a Realtor do prepare a CMA (comparative market analysis).

What's the best way to contact your company?

Deanna Valeo, NMLS 91421
Mortgage Loan Originator
First Choice Loan Services, Inc.
14045 Ballantyne Corporate Place. Suite 150
Charlotte, NC 28277

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