Jesus you weren't kidding. Very limited options on their site. Their 30 year fixed was 3.7% and I couldn't find anything about their prepayment privileges.
A better lender would give you more term options, with the same amortization of 30 years. So you take 5 years at say 1.99%, now your payments are much lower, BUT at the time you set it up, you tell them to make your payments higher. Every extra dollar goes directly against the principal and a few extra hundred bucks agaisnt the principal each payment can knock years/decades off of the mortgage and have it paid off quicker and make you end up paying much less in interest. The devil is all in the details though.
Jesus you weren't kidding. Very limited options on their site. Their 30 year fixed was 3.7% and I couldn't find anything about their prepayment privileges.
A better lender would give you more term options, with the same amortization of 30 years. So you take 5 years at say 1.99%, now your payments are much lower, BUT at the time you set it up, you tell them to make your payments higher. Every extra dollar goes directly against the principal and a few extra hundred bucks agaisnt the principal each payment can knock years/decades off of the mortgage and have it paid off quicker and make you end up paying much less in interest. The devil is all in the details though.
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