You don’t have to be completely impervious to facts to write for the Arizona Republic, but it helps:
To counteract slow equity build-up, borrowers might want to couple a 40-year term with a biweekly payment schedule, which results in the equivalent of one extra monthly mortgage payment yearly. A biweekly schedule can cut a 40-year term to about 29 years, Rogers said, allowing for faster equity increases and less interest paid over time.
Or you could just move every three to five years, like everyone else.
Update: Another ninny:
But the loan comes with a big asterisk. Non-conforming loans — essentially those for more than $417,000 on single-family homes this year — are amortized over 40 years but must be paid off with a balloon payment at the end of 30 years.
Not only are not going to move for 40 years, you’re not even going to refinance for the first 30 years.
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