I have a question about a mortgage at a local bank.

When I got it 5 years ago interest rates weren't as low as they are now. I bought some land and just used my house as collateral, it seemed to make everything easier at the time.
Will be talking to the banker soon, so I was trying to get prepared. Thanks,

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The 5 year crap means it has an adjustable or baloon payment issue. Get out of it & refinance. They're just screwing you over.

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Obviously, locking in for a longer term right now would be preferable, but this isn't a normal mortgage. He said:

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I bought some land and just used my house as collateral, it seemed to make everything easier at the time.

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That could be the difference.

There is no way I would ever do a balloon on my house though. If they don't refi, then you have to find someone else or hand over the keys? No. fricking. Way.

To the OP, I would look into replacing the loan with a "second" mortgage on a 10 year amortization. I think you can probably score that a lot easier than the system that you currently seem to have. Alternatively, you may have enough equity in the land to get a mortgage with a lien on the land, instead of your house.

Either way, I would probably refi right now if you took the loan out 5 years ago, as rates are much lower now.

Thanks for the input and the reason I did it the way I did was I had worked with the local loan officer before. The land is in Miss and it was a lot easier to get an appraisal on my house than hunting property.
My main concern is my loan officer has retired and there are a lot of new loan restrictions in place. I'm just not sure that I could get a conventional loan at this time. Thanks,,

This sounds like a loan with a Savings and Loan, not a bank. They finance unusual properties/borrowers with unusual circumstances and also hold the mortgage - they don't sell them because the mortgage usually doesn't meet standard underwriting guidelines for whatever reason. They use 5 years as the max loan term because of future interest rate risk - who knows what rates will be in 6 years? No one. So they make you refi every 5. It's a very legit business, but not one to be used unless you have extenuating circumstances precluding you from qualifying for a normal mortgage that can be sold into the market.

The last loan was a cash out loan, those are tougher to get approved and have a higher interest rate. Now you would be looking at a rate/term refinance and those are easier to get approved. If your total debt to income ratio is less than 45% and you have good scores, you should not have a problem getting a conventional loan.