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.

On conventional loans, your monthly mortgage payment, together with minimum monthly payments on your other financial obligations, such as credit cards and auto loans, cannot exceed fifty percent of your gross monthly income. Your income can be verified with your W2 or 1099 forms, or your tax returns. On top of that, you have to verify that you have two months worth of your proposed monthly mortgage payments. Assets must be liquid, such as cash in the bank, 401K, IRA, etc.

If you cannot meet all of the above-mentioned requirements, you can still qualify for a low rate. But your rate will be slightly higher as you move down the list of available programs:

No income, but verifiable assets and employment

No income or assets, but verifiable employment

No income, assets, and no employment

Express Capital Funding Group is a Mortgage Company based out of Irvine, CA. The company specializes in home loan refinancing and debt consolidation loans and offers a variety of mortgage programs designed for borrowers with less then perfect credit, hard to prove income, assets, and employment. For more information, please, visit www.expfunds.com.