Life as you own with mark McDougal and Craig Miller. Remember you got questions we've got answers 804924664. You may not take time to educate yourself up the single worst investment and opportunity you have. That investment in the roof of your head in real estate we talked about your home financing make investments real estate we -- -- -- both you know it's just good old fashion. Hi mark MacDougall and depth -- Miller that's bright light that as you voted to and we appreciate you hanging out with -- -- on this. What is probably cold and blustery weekend because well. It is cold and blustery pretty much everywhere in the in North America right now claims to be in place is even wouldn't expect a little blustery day out a New Orleans. We'll give a shout out to our listeners New Orleans because we are on I. I heart radio. And so to those international listeners to the state -- listeners into those service men. And ladies so that are. Are doing what they do each and every day we think you can listen the shell and analysts -- people we appreciate what you do you put your life online each and every day for. Our way of life that is merely a way of life and the way of life on our show is that we want educated each and every weekend when you check -- out and out. We talk about the big investment in the roof over your head it. And then we cover so many things that fall under that roof to include what Craig. Lots of stuff let's do a lot that is out there still idealist I do this person under an intro of the show say this reason -- -- cult like as you own and his folks were here to help you. Own all these important aspects of your like your statement tax cleaning. Like mark said the home to refer to it may be your real estate investment. Maybe it's further investing in a roof over your head but in a major remodeling project -- room conditioner finishing a basement or or whatever may be buying selling. When it comes to things that affect your pocketbook and a big big way we cover so we're gonna help you have the facts your empowered your -- in -- and we own it. We help you own it by giving you this information for you to apply it so when you get out there and apply this stuff and take accountability you have a major. Big difference in your bottom line from here on out and remember you can check -- out at. Life as you own it dot com or if you got questions. You can email us questions like did you go to dot com or capturing 800 point 24664. We want to hear from you were here. Euphoria. Here for it and we wanna hear from -- okay today Shia lol are you Egypt Craig a huge hit. I am too legit to quit this year though nothing in there and read you just quit. If this how about the quote -- got I -- mortgage transaction through is it -- -- Craig's got 33. Must do. What what to sweater and made it. Three things you must do three -- to confirm. Is it to religion is the should you quit on also is at the bottom of the ninth inning in the foreclosure crisis or is it more like. Halftime of Super Bowl generally know what that means long sometimes entertaining. Sometimes a little bit and nudity. Obama yeah -- but definitely it's considered a mid point write something at a time of Super Bowl or any sporting event halftime. -- and also speaking of the ninth inning or the fourth quarter we've got some suggestions on how to lower the tax bill comes spring. Don't wait too long the clock is. -- Kenya. -- And Craig what else. We've got. Holidays yeah coming up and we want you to consider these -- that will keep on giving the gifts they keep my love keeps on giving Greg. And so does not and so does -- minute okay and and as always we will have eight crackle and just human and so do you view where the interest rates are -- trending the national average and -- we have a couple should he stay or should you go scenarios. What are those US well you hear some music starts today and then I will ask Craig that. -- question and that question is from listener who gives us their scenario. How much they want their house with current interest rate is what they believe the value their house is and how long they will only. -- house. And we tell them they should stay or they should go in that mortgage sometimes it's in the house there wanting to know they -- is enough parameters determine if they should purchase. Cause they're currently renting the risk they should upside as you give as the deal and there was enough information enough information. And Craig. Sometimes I will give you a quick concise answer. -- never give a quick and I didn't know slicing giving him the benefit of the doubt a beacon sites don't get me wrong all right quick so that -- Ari are you have a good December. You know it's yes I am not gonna -- in December to remember him held December through our. Spencer LA event -- -- -- -- it is our alma so what let's let's jump right into those interest rates. This unit there -- about all right our folks as mark mentioned every week we're gonna bring -- the national average on interest rates now these are where there rates have been over the past week. Looking at the prior we can as well we concede the trend which way they've moved over the past two weeks now we might opine on where we believe -- if they're gonna go up -- down moving forward but. It's so hard to tell on this habits of very volatile up and down. Market right now not a huge swings but -- they're so how many give you a little bit of an opinion on that but remember the national average based on 200000 dollar loan amount. A person -- perfect credit in at least 40% or more equity so it's a purchase on your put 20% down if it say refinance you've got 20% equity. Slightly higher loan that I percentage slightly lower bit little bit bigger loan amount -- smaller maybe would make a big difference but if you get any major differences he may be -- he'll hold different loan product. Now these all these national -- also include some fees some points. -- things that you may now one of peso were needled by -- -- go over these rates thirty year fixed however. And right into it four point 45% over the past week. That's compared to four point 52 -- -- before so very slight movement in the right direction for you who were trying to get a little bit lower interest rates. Fifteen years 3.4 seven burst 3.5 five again slight movement their downward. In 3.4 seven this past week on a five year arm five -- what does that adjustable rate mortgaged extra five years in and just after that. Amortized on a thirty year term 3.4 seven. That's verse three point 70 the week before sweet and nice. Movement in the right direction on adjustable rate mortgages and we're seeing more people take advantage. Adjustable rate mortgages right now since the thirty year rates are about a point higher. We typically see folks wanna take advantage of and adjust for rate if they think I can save appoint -- more. -- do it take the chances of haven't something and just coming later if you know you're gonna news if you know you're gonna. Potentially refinance for some reason -- pay your home off early there's nothing route taken just rate if you got a game plan. Are in lastly FHA FHA thirty year fixed four point 24. -- four point three for the week before so. Everything improved slightly. Not going to be make or break the bank for you what you should buy or not buy or refinance or not refinance but. It's always nice to pick up a few extra saving pennies there to save and as I mentioned what went on what I wanna point at you before we but this piece up is that. Fees and costs are the number one thing you got to pay attention to. Even compare rates you can shop for rate -- -- mortgage lenders and we're gonna talk a little about what makes a legitimate mortgage quote later on as mark mentioned but. Pay attention -- the season costs folks. People tell me all the time armed and quoted a quarter percent better than what you just told me that rates are or even half a point I've seen that extreme of the different. And then we dig a little bit deeper you find out there are just tons. And turns of fees and charges all bundled up then there. You're buying down that rate folks -- you may never recover all those upfront fees that you're paints a watches these in Costa he can't. Compared to zero Acosta true no cost no closing cost option with a -- absorbs all it does not rolled into the loan charge you an idea. -- -- They should probably consider calling certified mortgage planner. They should take it even called the big all the do you think army -- is coming directly and I would give them. All the advice in the world they want for free and and if that makes sense for them to -- the bunch of money on the -- formative. Brett folksy go to web sites like -- you -- -- dot com or you can just call 804 point 24664. Ask for mr. Miller himself and it will be Miller time for you okay. Let's let's talk about the foreclosure crisis it is entering the ninth inning -- the outcome is all but guaranteed according to realty track foreclosure starts reached at 95 month low in November. -- -- track in its November US foreclosure market report said that a total of 52000. At. And change properties entered formal disclosure. For the first time in November down 10% from the previous month and 32%. From the year ago this is the smallest number foreclosure starts since December 2005. When the crash began when 49000. -- mortgages were put into. Foreclosure. -- put in the -- in foreclosure every -- -- unstoppable because the music distracted me with -- did you -- issued meteoric -- ready before -- Britney in liberty. -- -- -- Liberty Missouri let me -- -- -- I have a home worth about a 160000 I only go 38000 but he needs about 35 to forty grand worth of work slash updates. I have a fifteen year loan was seven years left on it. At five and -- percent I'm excited about paying it off so I don't know if I want to refinance that loan but need to cash in on some of my equity fix up the house to get a line of credit. For home improvement ownership refinance the whole thing to get cash out at planned to sell 35 years. Folks stay tuned Craig will tell you if Brett should stay or or if you should go in just few moments like this you -- Our friends we are back to life as you own it. Britain liberty Missouri had sent us an email is estimate that house his toward about a 160000. Only those 38. But here's the -- almost 40000 dollars or somewhere around there worth the work into it. -- question is should he take cash out refinance the first mortgage. And just do one new loan or should get lifeline credit home improvements announced as it sounds -- me like he's only seven years left at five and a quarter -- it sounds like -- got the feeling that. If he gets the green -- this thing off for composed paying off that some kind of the -- you know success. Landmark or something like that. Here's the answer -- you should go to a complete full refi your cash out. I refinanced in the whole -- of brutal we've got to five and quarter rate on -- -- with a seven years left -- -- do a ten year fixed you can do a fifteen year just depends on what she can handle. Nationalize the future cash out. Much lower interest rates it'll be a fixed rate rather than getting that home improvement loan money credit whatever may be that rates can go up up up those will be adjustable. Yet have a fixed rate on the staying you said you gonna sell three to five years I don't know that you get to where he paid off on the first mortgage anyway. But the bottom line for -- yet they're listening is this video on a first the second. If he's really Carolina credit isn't the same as the mortgage it's all the same thing folks put it all the pocket that has the lowest rate you can put some of it your left pocket some of your right pocket. And those same amount of money you could go into one pocket at a lower rate so. Refinance the whole thing -- in your gated to go all right mark what's up on the agenda we're going. Our rights. Ninth inning fourth quarter which is that we got suggests on how you talk about tax bill come Spring -- And as we said at the open the show tick tock tick topped the clock is ticking to do not dilly dally. Or lolly gag. Or. Procrastinate. Yeah what else -- -- Khomeini as trying to -- in other words if you do it you procrastinate I Adam. All right so -- holiday season it's difficult time to think about taxes but we've got some suggestions of some things you can think about ticketed for the year -- Arnold Terry. Take charge of charitable donate don't want theory. Terry Terry is -- -- for. -- -- -- Okay where is it really is that if we Terry yet. TE RRY. You re not a spell it. Don't and you know there's a new rule is that there's a life is joint rule if you would you can't use the word that you can't spell I can spell Terry I don't know if it's -- good deck of phobia. I know how to spell it I -- means. And I used it and you have an irate few. Terry OK. Give a president interior GA our way. OK so don't -- one on the list of those last chance tax breaks for 2013. -- take charge of terrible charitable contributions. If you make a donation of cash to charity in 2013. You can generally deduct it on to 2013 tax return. So remember donations made a late year can reduce your year end tax liability so. Give give Dugard cons but also make sure that if you unit that makes more centrifuges this year -- next year. Getter done by December 31 -- number to balance investment holdings take a look your portfolio for underperforming stocks that can be sold at loss by the end of the year. You can deduct up to 3000 worth of net capital losses in excess of -- gains against other income. Remember there are some rules associated with that so so be careful on the always the fine print that did you. That number three. Secure college tax breaks to get a college tuition bill that's due in early 2014. If you pay at issue you can take advantage of the American opportunity college credit or the lifetime learning credits under 2013. Tax return. Not a prepaid for academic periods beginning the first three months of 2014. Number four take required IRA distributions c'mon folks don't forget and you got a lot going on but it. -- get the goal penalty if you're due to take a mandatory withdrawals from retirement account for 2013. Don't -- to complete the transaction by December 31 neglecting to do so can result in a 50%. Penalty on the withdrawal he should have taken. Ouch yeah number five consider a Roth conversion in December 31 is the deadline to convert a traditional IRA into Iraq irate. Have to pay income tax on the amount placed in the -- A count -- you escape taxes on future earnings and accumulate so consideration. Converting. That traditional diary to a -- RI AI RA need to be make made you read books I'm also. We're this year and if you wanna take advantage of 2013 -- east and out last but not least is make flexible spending account decisions and appointments. I he almost got hung up on this one a couple years ago. On the on money left at the end of the year. Plan now to deplete any balanced by filling prescriptions buying eyeglasses or getting a dental check -- make sure folk you understand this. It is -- employers though that writes that that determines the rules with most of these plans so if you accidentally would seek. Forgot and didn't use it until past the time and I'll tell you some of them allow you to use it up till late February sometimes march. Coach your employer look at your plan and you may get some relief they may just may give that money back but if you don't use it. It just generally goes into the plan providers pocket or goes and an employer's pocket use the money that's with their four. Our press -- an honest you got about it Gloria I get a bonus to pick with you if you've got a. Reimbursed business expense is if you deduct things on what the schedule C for self employed you got -- -- prior Chappelle seek setter in you -- invoices. To get accounts payable. In that you know to come at you and gonna come out do early in January Miller junior whatever whether beaming its advertising -- -- minutes office supplies maybe it's. Whatever that you know you got to restock something or even inventory. But you're gonna sell more revenue sprained. You can go ahead and purchase those expenses. Now secure those expenses before the end of the year ended -- that is off of York. Taxable income. Or cash -- cat person. Indeed depend you exit Rudy did some little -- semi sweet nothings in the -- here got them out a bit like advertising strategy or anything like that get yeah. Did -- great strategy take you right off the top I'll quit yet. Are right Cragg. What else man's case and doesn't even move on through brother okay. Well I've got fifteen. Are you ready for the fifteen gifts we -- debt. Do you debt forward tuchman credibility of those quotes that are floating around out there between mortgage lenders and you're not ratings numbers to the -- quick. All right so what let's talk about some it's the holiday season as we've said several times before on the show. And the theme continues. We've got fifteen gifts. That we think will keep on giving these are compliments of our friends -- it lingers magazine that. Folks I'd recommend you. Pick up the latest edition of kiplinger's because it is chock full. A fantastic financial information that you can teach our arms around death and if you've not heard of kiplinger's well. You've been living under a rock indoor you outlets of the truth in -- show. Or life as you loan it either show up to say it was a crank it -- if you're -- and is out for the first time. Or your -- -- those voices sound familiar how I heard them somewhere before. Craig you may have seen in some of the some of his comedic adventures such as so. What what was the movie you're on. Skip and off. I don't know it's just talking about the everybody because I'd like to track at a site can't be ready for this you know Craig had an illustrious movie career prior to budgeting in the radio business and even. But has since he's the movie trivia expert I can't really company I was gonna say -- Five yeah it was an anchorman one area which rule which -- where you anchorman mode Ron Burgundy is based upon your your real -- -- -- -- her career. But up folks if you if you're checking us out for the first -- as we used to be. -- -- -- fur almost five years and we became I think you want it just a couple months ago so sometimes you'll hear us talk about both shows -- affectionately. But Tom we got -- fifteen gifts that keep on giving number one. Is not open up an investment account. How the child start investing -- opening a custodial count forum. Several brokerage firms offer such accounts with low minimums. No setup or annual fees and little to no charges for buying and selling shares. A great idea. -- number number two. On the purchase business attire for a young college graduates someone that's possibly interviewing -- was trying to get into the workforce. You know and especially helpful gift. For those grants could be. That's possibly you invest in the suit for your son your child posse be invested in. The professional work attire that might help them get a job and get -- you or paid role. Number three -- but don't donation in somebody's name. So think about it folks if you -- if you wanna do some good and you wanna give a gift that keeps on giving. Instead of that that you know scarf the slippers whatever it may be even to a friend or loved one. That may have some residual value in this world. Make a donation to their favorite charity. From you want to tax deduction for that yourself that -- what. And we got a few more so we'll have to give those -- we come -- we've got twelve or ten or twelve more gifts that keep on giving Paulson this song. And Craig is gonna tell you how to know if your mortgage offer is -- or you need to quit -- -- -- stay tuned.