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While I think the rate trade off for a YM loan is reasonable and would choose a YM loan because of the lower rate there are a few things to consider.   First, don’t just choose the longest term you can, try to match the loan term with the term you intend to keep the loan.  Second, look at all features of the YM prepay.  You need to look at the term of the YM as well as the amount of free time with no prepay.    Most calculations are for a YM period of 6 months less than the loan amount, but some run the full term of the loan.  Also, most YM loans call for only 3 months at the end with no prepayment premium, till then the 1% minimum is in place.  Finally it’s possible to buy a shorter term YM on a loan, say 7 years of a 10 year loan.   There is a cost to this, but depending on your real estate strategy the cost might be worth it.  

In general you have little choice on your prepay if you want the lowest rate.  However, you should understand the loan you are getting into.  If you have any questions please talk to your real estate finance advisor or contactus@mfloan.com and we will try to assist you.