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The better your interest rate when mortgage refinancing, the lower your monthly payment amount will be. You can improve the interest rate you receive by doing your homework before applying. To qualify for the lowest interest rate, follow these three steps when you apply for mortgage refinancing.

I. Refinance All of Your Mortgage Loans

Refinancing all of the loans secured by your home will ensure you qualify for the most competitive interest rate. Carrying a home equity line of credit or 2nd mortgage increases the level of risk you pose for a new lender and will raise your interest rate. By doing your homework and researching mortgage lenders you will be able to choose the best loan for your financial situation. Qualifying for an interest rate .25% better will save you thousands of dollars over the course of your mortgage.

II. Avoid Borrowing Against Your Equity

Cashing out equity in your home when mortgage refinancing will raise the interest rate you qualify for. The more equity you own in your home, the better interest rates you will receive from lenders. If you need to borrow against the equity in your home consider taking out a home equity loan after mortgage refinancing. By holding off on your home equity loan you will not receive a higher interest rate on the entire balance of your loan.

III. Negotiate for a Better Interest Rate

When refinancing you always have the option of reducing your interest rate by paying the lender points. Before committing to paying this fee you should determine if the lower interest rate will allow you to recoup this expense. It can take as long as seven years to recoup the expense of paying points. You should perform a cost/savings analysis like the one explained in our refinancing guidebook to determine if paying points is in your best interest.

You can learn more about comparison shopping for the best mortgage and qualifying for the lowest interest rate by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Mortgage Refinance Information

Although the laws were changed back in 2005 to counteract instances of tax avoidance, it is still possible to claim the "fair market value" of any car, boat, trailer, RV or truck that you donate to a non-profit organization (NPO). However, you do need to make sure that you are determining that "fair market value" according to current legislation.

It is understandable that you should consider that a value quoted by the Kelley Blue Book could be used as a "fair market value" - indeed, many tax professionals also considered this to be the case. However, the IRS has different ideas of the definition to be used.

Many vehicles donated to charities are in a condition that could be fairly described as lower than "poor". Some third party, for profit, agencies were advertising for, and accepting, cars regardless of whether they ran or not. The lucky owner saved on the scrapyard fee, got the car picked up free and then claimed the "fair market value" as a tax deduction. It is estimated that this practice cost the IRS $640 million in 2000.

These practices led to some agents skimming up to 70% off the top of the sale price in "service fees". The difference in the true value soon became apparent when the vehicle was sold, and since most of them ended up on the wholesale market, the difference became even more noticeable.

When using the Blue Book, even a "poor" rating requires the car to be a runner. It is obvious that there was a major difference between what these cars would sell for if an ad was put in the paper, and what was being claimed as a "fair market value".

This led to the laws being changed in 2005. There is now a receipt required for any gift of a value exceeding $250, as well as a written declaration of the amount that the car actually sold for (over $500) or the use that it was put to. This means that if the car is sold as its first use after being donated, you are only permitted to claim the actual amount that the charity realised on the sale of the vehicle.

On the other hand if, instead of being sold, the vehicle is used as is, you may deduct the real market value, determined as the amount you would have got had you actually sold the vehicle instead of donating it. This means that if your car is given to a needy person for their own use, your deduction value could increase many times over.

Further to this, if the car is sold by the charity during the first two years of ownership, the charity will need to send you a Form 8282 letting you know what happened to your donated vehicle. You don't need to change anything on your taxes however.

It is always a good idea to take a range of photographs of the vehicle, both inside and out, to back up any claim that you make. If your vehicle is valued at more than $5000 you will need to get an independent appraisal in writing to back up your claim.

Bear in mind that many people price older vehicles to sell quickly, so take this into consideration what fixing your "fair market value".

If this article has piqued your interest, you can discover a lot more information concerning fair market value and the whole subject of car donations to charity at http://cardonation4charity.com.