Mortgage Financing Options

I picked this off of Harvey McCallum's mortgage site which gives a ton of great information. Since I have a lot of different types of mortgages, I thought I would add this to my online diary to remember the consequences of rates and the choices in financing one has:

Here's the most important parts that I want to highlight. It is so simple, yet I often go chasing new products, rates etc...

• Important point #1: Goal - have the renter pay off your mortgage!
  His suggestion - pay the mortgage off fast, set up the rental property to make your home mortgage tax deductible and apply your tax rebate to the principal.
  Is it worth paying a penalty to get out of the wrong mortgage? Probably! Only one reason to pay a mortgage penalty - to save money.
• Important point #2: Don't Throw Your Money Away On . . . Interest (Non-Deductible Kind)
  The most important quality of any mortgage strategy is how much payment is applied to interest and how much is applied to principal.
• It is obvious that mortgage A, same rate as B and the same payment as C, will pay your mortgage off the fastest, with the least interest, and the most principal. Accomplished without increasing payments above a fixed 5 year rate. If lowest payment is your goal B is for you.
• Mortgage A will take several years off the amortization where as mortgage B will take the full 25 years.
• With mortgage A many lenders allow you to miss a payment giving you credit for the over payments you have made. Mortgage A and B are available as of ( Dec 15/2002).