To refinance or not to refinance? That has been the big question for many people lately. I can’t give you the answer because I don’t know your individual situation, but I hope to give you some information that might help you to decide. First, let’s take a look at how the economy is doing. I’ll explain why in just a moment.

So, how is the economy lately?

Well, existing home sales went up by 7.4% in November. That follows an increase of 10% in October. On top of that, business and corporate spending are both up and orders to U.S. factories for big ticket durable goods (excluding transportation) had gains that were twice what economists had forecast. That coupled with the fact that the four week average for new unemployment claims was down for the 17th straight week to the lowest level since September 2008 are indicators that the economy appears to be improving. The improvement may not be as fast as we would like, but moving in the right direction is a good thing. And frankly, I wouldn’t trust any huge swings at this point anyway. People and businesses move cautiously in unsettled periods like this and a sudden, dramatic positive shift would be suspect at best.

Just as the economic issues start to seem like they are improving (or have at least stopped getting worse as fast), mortgage rates are starting to go up. Luckily, rates are still attractive, just not quite at the record lows they were three weeks ago. At that point, a 30 year fixed rate mortgage had bottomed at 4.71%. Unfortunately, they are now at 5.36%. So, if you’re holding out for even lower rates, I wouldn’t. You never know which way rates might go and it’s unlikely that they’ll get much lower. Why, you ask? Well, if the economy gets better, which is the way it seems to be headed at the moment, then more people want loans. Those loans could be for their businesses, for buying homes, buying cars or simply increased credit card spending. When that demand for loans goes up, it eats up the supply of available credit. That drives up what you need to spend to purchase a loan. In other words, mortgage rates go up.

Couldn’t rates go down again?

Yes, of course rates could drop again, and they probably will a little here and there. The economy is not steady yet, after all. The big questions are:

1. If the rates do drop again, will you catch the change in time to lock in at the lower rate?
2. Will the rate be significantly lower than what is available right now?

The first question is important because we all get busy. If you’re under deadline, will you take the time to check the rates and call a mortgage broker to lock in a rate or will you be heads down trying to get the work done that pays your mortgage? The second question is important because if you wait eight months and then get a lower rate, you might have missed out on hundreds of dollars of savings a month just to save another $50-100 a month. Sure, you’ll eventually make that money up if you stay in the house long enough, but that’s only if you catch that lower rate eventually. Besides, wouldn’t a guaranteed savings on your mortgage come in handy now?

In the end, the decision is up to you, just as all financial decisions are. That’s the way it should be. All that I hope is that you take a moment to ask if refinancing might be in your best interests at the moment. If so, check out current mortgage rates and see if you can improve your financial well being by refinancing. Just make sure to check the points and fees and get yourself the best deal.

This week’s episode of Millionaire or Bust takes a look at the news of the week and looks at how being healthy can save money for us and the country.

Here are today’s segments and the associated articles and links:

By the Numbers

1. Dow: Gained 310 points going from 9,713 to 10,023.
2. Oil: Gained $1.12/barrel from $77.53 to $78.65.
3. Gas: Dropped 2.4 cents/gallon going from $2.693/gallon to $2.669.
4. Bank Failures: We had 5 more bank failures over the past week bringing the current total to 120.

Which Way is the Wind Blowing?

• Unemployment has hit 10.2%.

Health & Finance

• Five health care problems that cost $1 Trillion out of the $2.2 Trillion spent on Health Care in the USA every year.

Announcement
Going forward Millionaire or Bust will be moving away from a weekly schedule, due to the fact that I need to dedicate more time and energy to our other website, BeingHealthy.TV. Talli and I are creating more and more content there every week and I needed to decide where to throw my main focus. As the bigger of the two sites, BeingHealthy.TV won. And speaking of winning, Talli’s audio podcast Being Healthy for Busy People is a finalist in the 2009 Podcast Awards. Back to the point though, MillionaireOrBust.com will still be producing content, but not on a regular schedule. As time permits and inspiration strikes, I’ll be producing podcasts and, new for me, blog posts on finance related topics. I will be moving away from news a bit to focus more on money saving tips and money making tips though.

Thank you to everyone who has supported the podcast and thank you to everyone who stays subscribed. It has been and continues to be an honor to have such a great group of listeners.

Sincerely, David van Sunder
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 MOB #113 – Being Healthy Means Saving Money [15:49m]: Play Now | Play in Popup | Download (918)

This week’s episode of Millionaire or Bust takes a look at the news of the week and I go slightly out on a limb and say a little about where I think the economy is headed this holiday season.

Here are today’s segments and the associated articles and links:

By the Numbers

1. Dow: Dropped 259 points going from 9,972 to 9,713 during the past week.
2. Oil: Dropped $2.50/barrel from $80.03 to $77.53 in the past week.
3. Gas: Gained 2.2 cents/gallon going from $2.671/gallon to $2.693.
4. Bank Failures: We had 9 more bank failures over the past week bringing the current total to 115.

More Banking Related News:

• CIT filed for the 5th largest bankruptcy in United States history in terms of assets.

Madoff Scam News

• Madoff’s accountant is expected to plead guilty November 3.
• Madoff investor found floating in the pool.

Which Way is the Wind Blowing?

• It’s believed that the United States has emerged from the long recession.
• Economists believe jobs will return in 2012.

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 MOB #112 – Where Are We Headed This Holiday Season? [11:36m]: Play Now | Play in Popup | Download (356)

This week’s episode of Millionaire or Bust was recorded after a missed week. I have to apologize because I take my responsibility to my listeners to get a show out weekly, very seriously. Unfortunately, the trip to Las Vegas for BlogWorld proved too much for me as far as getting this show out on top of everything else I had to do that week. But I’m back in the saddle!

Here are today’s segments and the associated articles and links:

By the Numbers

1. Dow: Gained 107 points over the past two weeks.
2. Oil: Up $7.77/barrel from $72.26 to $80.03 in the past two weeks.
3. Gas: Gained 18.9 cents/gallon over the past two weeks going from $2.482/gallon to $2.671.
4. Bank Failures:We had 8 bank failures over the past two weeks to bring us all the way up to 106. And here is missing bank failure #98.

Tax & Retirement Investment News:

• IRS said in a statement that the maximum contribution limits for your 401(k) and other retirement plans will stay the same next year as this year.

Main Topic:
This week’s main topic discussed some things Talli and I planned to do to save money while in Las Vegas and how we did against our expectations.

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 MOB #111 – Vegas Wrap Up [9:58m]: Play Now | Play in Popup | Download (340)

This week’s episode of Millionaire or Bust was recorded via my iPhone from Las Vegas. So, I apologize for the slightly lower audio quality. This weeks show was short as next week’s should be as well. This week I talked a little bit about planning for travel and saving some money while doing it

Here are today’s segments and the associated articles and links:

By the Numbers

1. Dow: Up 377 points.
2. Oil: Up $2.45/barrel from $69.81 to $72.26.
3. Gas: Gained 2.1 cents/gallon this week from $2.461/gallon to 2.482.
4. Bank Failures: For the first time in 3 months, we had no bank failures for the week.

Main Topic:
This week’s main topic discussed some things I considered while planning this trip to Las Vegas to give a practical way to think about your vacations or trips in general. This week’s show is really the setup for next week’s show which will wrap up the complete vacation/expo week and provide some links that I found during my planning and during my trip that will make the process easier for you .

Closing:
I want to let everyone know that I’ll be at Blogworld in Las Vegas October 15-17. So, if you’ll be there and want to meet up, contact me and we’ll try to setup a meetup, probably in conjunction with listeners and viewers of Talli’s two shows “Being Healthy for Busy People” and “Being Healthy TV.”

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 MOB #110 - Podcasting from Vegas! [6:47m]: Play Now | Play in Popup | Download (304)