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Dennis Fisher
Rapid Mortgage Company
78 North Main Street
Springboro,OH 45066
DFisher@rapid-mortgage.net
937-748-8888
937-474-3828
MLO: 129641
Branch/Company ID: 126841 |
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Real estate financing may be the most significant financial decision a borrower makes. Knowing you’re dealing with an expert can ease the doubt and worry from a stressful, challenging transaction. What makes me an expert in real estate financing? You may be surprised to know there’s a significant difference in dealing with me or one of my firm’s Loan Originators over a bank. We are required by federal law to be tested and licensed; state regulators check our credit and we undergo annual continuing education and testing. Banks are not held to that high standard. Additionally, our industry association, the NAMB, offers the GMA (General Mortgage Associate), CRMS (Certified Residential Mortgage Specialist) and CMC (Certified Mortgage Consultant) certifications. These designations require extensive industry experience, knowledge, rigorous testing and continuing education to maintain the certification. Only three individuals in the state of Ohio hold the dual CRMS and CMC certifications, and none of them work for a federally chartered bank.
In 1998 I came to SW Ohio in a management role with the Fortune 500 Company, NCR. I completed my MBA at THE Ohio State University in 2003 with an emphasis in Finance and Marketing. While at NCR I reached every career milestone I set for myself - including one I never imagined (obtaining US patent 7,219,083!). Pursuing entrepreneurial ambitions, I acquired Rapid Mortgage Company in 2007. On a personal note, I've been married 16 years and enjoy volunteering in my community, aviation (I'm a pilot & flight instructor), exercising and riding motorcycles.
Since acquiring Rapid Mortgage, we have grown to be one of the largest Originators of Mortgages in Ohio, at a time when most mortgage companies were exiting the industry. Additionally, we are licensed to originate mortgages in Kentucky and Indiana.
I'm frequently asked why a client would choose Rapid over a local or national bank. Simply put, we have access to more programs than most banks, and Rapid's APR (Annual Percentage Rate) can save you tens of thousands of dollars, and we have much greater flexibility to identify and recommend a product suited to your specific situation.
NEVER in history has there been a better time to buy a home or refinance a high-interest rate mortgage. Rapid's expert loan originators understand what it takes to get borrowers approved - even if they have less-than-perfect credit. Call today about -
- First-Time Home Buyer Programs
- FHA/VA/Conventional Financing
- Conforming/Non-conforming
- Portfolio Loans
- Rehab Loans
- Less-Than-Perfect Credit
- Rapid Renovation Purchase Loan
- 100% Financing
- Investment Property Financing
- Commercial Property Financing
Dennis M. Fisher, CRMS/CMC
President/CEO
Rapid Mortgage Company
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January 17, 2012
 Focus Upon Europe
In all of our assessments regarding the future of our economy, there is always a warning attached which goes something like this -- unless the European debt crisis explodes. We had some good news regarding the economy in the past several weeks, especially with regard to the all-important employment sector. Last week there were not as many economic releases to focus upon. This enabled the markets to refocus upon events in Europe and it is reassuring that, at least for the moment, the crisis does not seem to be boiling over. The news from Europe seems to be positive one day and negative the next. What we need is our economic recovery to be as strong as possible right now to help lift Europe out of its malaise but also withstand weakness coming from Europe.
Corporate earnings reports also started flowing this week. Many have made a big deal about the fact that corporate earnings experienced double digit growth in the past few years but this did not result in the significant hiring of new workers. Well, now workers are being hired and the pace of earnings growth is expected to slow this year. What we can't have is corporate earnings slowing too much so that the momentum of a stronger labor market is halted. Expect there to be a significant focus on results reported during each earnings season this year. Meanwhile, though oil prices closed the week lower, the stronger economic news has coincided with a general rise in the price of oil. Much of this movement has been disguised because seasonal factors have kept gasoline prices low. Eventually gas prices will start rising if oil continues to settle northward of $100 per barrel. This would be one of the costs of a "better news" economy.
 The Markets. Fixed rate loans dropped again to record lows in the past week. Freddie Mac announced that for the week ending January 12, 30-year fixed rates averaged 3.89%, down from 3.91% the previous week. The average for 15-year loans fell to 3.16%. Adjustable rates were also lower, with the average for one-year adjustables decreasing to 2.76% and five-year adjustables falling to 2.82%. A year ago 30-year fixed rates were at 4.71%, almost a full percent higher from this week. Attributed to Frank Nothaft, Vice President and Chief Economist, Freddie Mac, "Rates on home loans eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941. Moreover, the Federal Reserve indicated in its January 11th regional economic review that most industries saw limited permanent hiring at the end of last year." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated January 13, 2012
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Daily Value |
Monthly Value |
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Jan 12 |
December |
| 6-month Treasury Security |
0.06% |
0.05% |
| 1-year Treasury Security |
0.11% |
0.12% |
| 3-year Treasury Security |
0.35% |
0.39% |
| 5-year Treasury Security |
0.84% |
0.89% |
| 10-year Treasury Security |
1.94% |
1.98% |
| 12-month LIBOR |
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1.099% (Dec) |
| 12-month MTA |
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0.182% (Dec) |
| 11th District Cost of Funds |
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1.201% (Nov) |
| Prime Rate |
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3.25% |
 The worst for the housing market may finally be over, according to housing experts in a recent article in Kiplinger. After median home price have dropped nearly 40 percent nationwide, a rebound is taking shape -- although, housing experts say, the market may stay flat for awhile before gradually ticking up. According to housing experts in a recent Kiplinger article, here are some predictions for the real estate market in the coming year:
Home prices stabilize: Mark Zandi, chief economist at Moody's Analytics, predicts that home prices nationwide may still drop another 3 to 5 percent in 2012, but the new year will most likely finally bring a leveling off of home prices before gains start to take shape in 2013. When markets do begin to stabilize in the new year, “price appreciation tends to spread unevenly, creating a lot of confusion about where the recovery is occurring and when,” David Stiff, chief economist at Fiserv Case-Shiller, told Kiplinger. “Even within a single city, more desirable neighborhoods will stabilize first, while prices in other neighborhoods may fall at a rapid pace.”
Housing affordability high: Housing affordability -- the ratio of median home prices to median family income -- will likely remain at record levels in 2012. Homes in many cities are “substantially undervalued,” the Kiplinger article notes. That may even lead to a mini bubble with double-digit spikes in prices, such as an increase of 10 to 15 percent in a given year in some markets, housing experts say.
Low rates: Helping to keep affordability high, low interest rates are expected to continue on in 2012 -- at least the first part of the year, economists predict. The 30-year fixed-rate mortgage, the most popular among home buyers, has been hovering under a 4-percent average the past few weeks, staying in record low territory. Rates are expected to stay between 4 to 5 percent in 2012, predicts Guy Cecala, publisher of Inside Mortgage Finance, an industry publication.
Sales increases: The National Association of Realtors® has already been showing a tick up in sales taking shape with increases in existing-home sales during the summer and early fall of 2011. High inventories of homes continue to flood the market but a drastic slowdown in new-home building the past three years is “gradually easing the surplus,” the Kiplinger article notes.
Foreclosures: Foreclosures remain the problem and still plague many markets. After a slowdown with lenders processing the paperwork, foreclosures have begun to pick up once again. About 1.84 million home loans are 90 days or more delinquent and 2.17 million have finished the foreclosure process but aren’t up for sale yet, according to RealtyTrac data. Alex Villacorta, director of research and analytics at Clear Capital, told Kiplinger that he predicts regardless of the downward price pressure caused from foreclosures, overall home prices won’t fall as long as lenders bring additional foreclosures to the housing market at a steady pace. Source: Kiplinger
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