Mortgage Refinancings Are Rising and That's Good News for Homeowners

The number of foreclosures has risen dramatically since last year, but one piece of news might help take the edge off.

According to the Mortgage Bankers Association, mortgage refinancings are rising. In fact, they're up almost 50 percent from a year ago.

What's the cause of this good news? Long-term interest rates have dropped a bit, and are now hovering around 6 percent for a 30-year loan. For homeowners with scary exotic mortgages and interest-only loans, the window to refinance into a longer-term, fixed-rate mortgage opened.

It's also been an opportunity to refinance a high interest rate home equity loan and combine it with a relatively low primary mortgage.

But for some folks, refinancing isn't the answer. One listener wrote to ask if he should combine his 8 percent home equity loan with his 5.25 15-year first mortgage. For him, refinancing doesn't make sense. Instead, he should look for a lender who offers a better deal on a home equity loan.

Is it possible for today's twenty-something to put $1 million away in a retirement account over 40 years? You betcha.

It's hard to think about retirement when you're only 22 and fresh out of college. After all, that's 45 years away and by the time you get there, the full retirement age might be 71 or older.

In a recent survey, college students said they don't think they'll ever retire, and they don't have high hopes about getting a Social Security check either.

All the more reason to think about pumping as much cash away into a retirement account. The great news is that you've got youth on your side.

The other piece of good news is that once you've saved twice as much as you're earning, investment earnings will really drive your portfolio's growth.

If you save $2,700 per year for 45 years, you'll have just over a million when you retire. That's 10 percent of your first year's salary of $27,000. But if you stay at 10 percent of your income as your salary increases, your savings will really begin to grow.

IRS's New Whistleblower Program Seems To Be Working

Looking for a big fat payday? The IRS wants YOU to rat out people who are cheating on their taxes.

Your reward? You might get a check for as much as 30 percent of what the IRS eventually collects, including penalties and interest. Even employees who may have participated substantially in the tax avoidance scheme are eligible to cash in.

Last December, a new whistleblower law went into effect that allows the IRS to pay more to those folks who come forward with specific information about people who aren't paying what they owe.

The Wall Street Journal reported that one whistleblower reward claim was filed on behalf of an individual who says that a publicly-traded company underpaid its taxes by more than $350 million. If that amount gets collected, the whistleblower might receive a check for as much as $100 million.

To file a claim under the law, use IRS form 211, available for free at www.IRS.gov. Be sure to include as much specific information as possible.

Gas Prices are Rising in Time for the Holiday Weekend

If you're planning a driving trip this holiday weekend, you may want to hit the ATM first.

Gas prices have hit new highs in recent weeks and now pundits predict gas might cost as more than $4 per gallon before the end of the year.

For anyone who spends any amount of time in their car commuting, the costs can really add up. In Chicago, where a gallon of gas routinely costs more than $3.50, it cost one driver $87 to fill up his SUV tank. Taxi drivers are angling for a raise in their rates, claiming that they're paying up to $85 per day for gas.

Fortunately, I don't have to drive all that much, but when I filled up the tank of my Honda minivan last week, I also had sticker shock.

What's the answer? Try walking or biking, carpooling, stacking errands, planning the shortest, most economical routes and, funny enough, flying instead of driving.

Weekend Car Rental Rates are Falling. I just rented a car for $17 per day!

Gas prices may be way up, but weekend car rental rates are low.

Last weekend I was in Los Angeles for a conference. I rented a 4-door Ford Focus for $17 per day on Friday, Saturday, Sunday and Monday. My last day, Tuesday, I paid twice that, or about $35 at the weekday rate. The entire bill came to just over $100 ].

I wondered if weekend rates were as competitive elsewhere in the country. So I shopped around and found that car rental companies are trying to underbid each other in order to capture a bigger slice of the car rental market. In general, car rental rates are down 16 percent this year. Avis has launched lower rates for international car rentals as well.

While you may get a pretty good deal by going through a consolidator like Travelocity, Expedia or Orbitz, be sure to check the car rental company's websites for the best deals.