Knowing how to qualify for the best rate when refinancing your mortgage is critical for your family's financial health. What steps can you take to ensure that you are getting the best interest rate?

How do you qualify for the best interest rate? To lenders, it’s all about documentation. The better you can document your income, assets, and employment, the higher your chances are for getting lowest interest rates. Here are some tips on qualifying for the best rate.

When applying for a home loan, you want to have your paperwork in order, ready to be provided to your loan officer. If, for any reason, you are unable to document some of your income or assets, let your loan officer know at the time of the application. You don't want to waste time chasing something that you don't qualify for. You want your loan approved, your rate locked, and your loan funded. Here are some of the jost important qualifying criteria.

Florida reported the second highest rate of housing foreclosures for the first quarter of 2006. The sunshine state, with 29,636 foreclosures, which represent one foreclosure out of every 247 households, is outdone only by Texas with 40,236 foreclosures. According to Realty Trac US Foreclosures Market Report, foreclosures nationally increased 72 percent (323,102 homes) in the first quarter of 2006 over the corresponding period for 2005. Florida showed a 21 percent increase.

Foreclosures on homes occur when homeowners fail to maintain the required monthly mortgage payments on their homes.

James J, Saccacio, CEO of Realty Trac said the sharp increase of foreclosures in the first quarter of this year is the continuation of a steady upward trend that had been observed since the beginning of last year. “Foreclosures have now increased in four consecutive quarters and are on a track to go above 1.2 million in 2006, which would push the nation’s annual foreclosure rate to more than one percent of US households.”

To buy a home for first time is an exciting and a little confusing as well. You are to undergo physical, mental and financial exercise before buying home. To avoid disappointments, there are some key points you are to keep in mind before going to property scene.

Home Purchase Loan

You are to consider your budget first. How much you have as bank deposit and how much your lender is willing to give you? Your lending amount will be entirely dependent upon your income, debts, savings etc. Before the lender gives finance to you he will definitely see how stable your income is. Changing jobs frequently in the past will give negative impact upon your credit history. If you are to buy a vehicle also, postpone this idea for some time, as your debts for car will affect the amount of the loan for your house, since buying a house is a big investment. There are different types of mortgages available in the market: fixed interest, variable rate, 25 year duration, 35 year duration etc. If you are not sure about which is suitable for you, ask your independent financial adviser.

Real Estate Rescue, a Florida-based company which buys homes for cash, has opened offices in San Antonio, Tex.

Dane Marshlack, Real Estate Rescue’s president, said O.W. Buddy Byington III and Art Meister, both of San Antonio, have purchased one of the first Real Estate Rescue licenses and will own and oversee the San Antonio operation.

“I’ve known both Buddy and Art for some time and have great confidence in their abilities and in their knowledge of real estate and financing,” Marshlack said, “I’m delighted that they have become part of Real Estate Rescue.”

Both Byington and Meister have extensive experience in real estate and real estate investing. While they are based in San Antonio, the two said they are prepared to buy distressed homes throughout the state of Texas.

A former Outstanding Young Men of America inductee, Byington has been an entrepreneur and business owner since graduating from college and law school. He has been a successful real estate investor in the San Antonio area for many years.