Will I get better rates if I can actually pay off my mortgage like right away?

Unfortunately not. Paying off your loan early just saves you on interest paid over life of loan.You can get a better rate if you take a lower term.

If you plan on paying the loan off in a year, you can get a 1 or 3 yr fixed loan instead of a 30 yr and the rates are lower for the shorter term loan. Just be sure you dont have a pre payment penalty.

Select a higher interest rate, with little or no points. Your actual cost of the loan (APR) will be lower, if you actually pay it off in 12-15 months. Also, you may select a low interest rate adjustable loan, such as a one or three-year ARM. And, only borrow what you need to borrow.

Look for a lender who will offer a "no closing cost loan". You will get a higher interest rate, but if you're paying it off quickly you're better off saving the fees.

On your standard conforming loans, anything more than 35% down payment will not get you any better rates. A shorter term, like a 10-year or 15-year loan will get you a better rate. Because you plan on paying it off so fast, I'd suggest an adjustable rate loan, like a 3-year fixed. Payments are based on 30-years, but the super low rate is fixed for the first 3-years.

Good Morning Dzeni...Take the shortest term that you qualify for, 15 - 20 or the 30...The 15 should give you the lowest rate...Look for secure investments and invest in them...Should you decide to payoff your mortgage in a few years, that would be fine ~ but you may decide that your investments are working for you and simply keep your mortgage ~ Additional questions or concerns, please contact us at Money@RonWohlfarth.com

Good morning! My name is Brian French and my business partner and are local boys with branches in Little Rock, Hot Springs, and Paragould. I have always believed that cash is king, especially with rates as low as they are. My thought would be to put down about 40%, minimize the term to a comfortable cash flow level, and invest the rest. bfrench@topflitefinancial.com or 501-276-6786