At First Fidelity, we value you, our client, and New England Real Estate.
First Fidelity Appraisal Services of New England, Inc. was founded by John E. DiStefano.
After continued growth servicing the appraisal needs of mortgage lenders throughout New England, First Fidelity Appraisal Services is established with a solid reputation in the mortgage industry for both quality and service. Currently, we service territories in Massachusetts and New Hampshire.
In today’s competitive mortgage market, response and turnaround time is more critical than ever. We are organized and automated to maximize efficiency. First Fidelity Appraisal Services is committed to providing our customers with the highest quality appraisal reports often within 5 business days or less. Upon request, we will dedicate all necessary resources to respond to “RUSH” orders and deliver a completed appraisal report as soon as possible.
The Review Process
Every appraisal report is carefully reviewed by a member of our internal review staff prior to final distribution. Our commitment to attention to detail ensures that we consistently produce appraisal reports of the highest quality. Every appraisal report stands alone; with all relevant facts regarding the subject and comparable properties presented clearly and concisely. Our goal is to provide you, the reader, with all the information necessary to make an educated evaluation of the market value and potential marketability of the subject property.
John E. DiStefano, President
John founded the Fidelity Appraisal Group in 1988. He is a Massachusetts and New Hampshire Certified Residential Appraiser and a Massachusetts licensed Real Estate Broker. He is an Affiliate Member of the Greater Boston Board of Realtors and the Massachusetts Board of Real Estate Appraisers. With over 35 years of residential appraisal experience, John focuses on high-end, unique properties, relocation, divorce and FHA appraisals; as well as mentoring many of the staff appraisers.
With a combined appraising experience of 55 years, our management team has valued all types of unique properties as well as typical homes and buildings. Our support staff has been hand picked for their real estate knowledge and technical and administrative skills to assist to our appraisers, allowing them to focus complete attention on appraisal assignments. Prior to performing fieldwork for us, each individual is mentored by First Fidelity Appraisal Services’s management regarding our policies and procedures as they relate to the completion of each assignment and as they differ for each client.
Why should you get an appraisal?
A home purchase is the largest single investment most people will ever make. Whether it's a primary residence, vacation home or investment property, the purchase of real property is a complex financial transaction that requires multiple parties to pull it off. Included are a familiar cast of characters, the realtor, the mortgage broker, the attorney; but who makes sure the value of the property is in line with the amount being paid? This is where the appraisal comes in. To be an informed party, most people turn to a licensed professional appraiser to provide them with the most accurate estimate of the true value of their property.
First Fidelity Appraisal Services of New England provides comprehensive FHMLC 71A, FHMLC 71B, and narrative reports for mixed used properties, residential multi family buildings (5+ units), office and retail space, and commercial developments.
Our commercial property valuations can be for mortgage lending purposes as well as any other required needs of our clients.
What is PMI?
PMI is Private Mortgage Insurance. In recent years, with home prices skyrocketing, buyers have been using down payments of 10, 5 or even 0%. This presents the lender with a higher than 80% loan to value ration (LTV) and a higher risk. To offset this, these loans typically require PMI. This protects the lender in case a borrower defaults on the loan, and the value of the house is lower than the loan balance.
How much is PMI?
The amount of the insurance can range from $50-$250 per month, depending on the sales price of the home.
Do I have to pay PMI?
Until recently, lenders were not obligated to tell home owners when they had reached a point where the PMI can be dropped. In 1999, the Homeowners Protection Act took effect. In most cases, this law obligates lenders to terminate the PMI when the LTV reaches 78%. But you do not have to wait until this point. Upon request of the home owner, the PMI can be dropped when the principal amount reaches 80%.
Can I get rid of my PMI?
Many areas have seen considerable gains in values of real estate in recent years. Or maybe you have done some improvement to your home.
If a professional appraisal finds that your value has increased and your LTV ratio is less than 80%, you can request to have your PMI removed.
In most cases as long as the homeowner has a history of making timely payments, the lender will agree to remove the extra fees. The savings from dropping the PMI pays for the appraisal in a matter of months.