2nd home question about term lengths. (insurance, home loan, escrow, second mortgage)

[Xonnia]

I was told by the loan officer at the bank I traditionally use that a second home loan can be no more than 15 years, is this true always or is it due to age, 65 years old+ ? I do still owe on the first home as well. i'd like a 30 year or 5/5 ARM.

[SmartMoney]

Definitely go elsewhere! 15 years is all they will offer you, not what is available. 30 year is plentiful elsewhere for 2nd homes, to older buyers than you. Even if the loan officer comes back and says they were wrong, continue elsewhere. Your loan officer should have been challenging this answer. Yes, ability to pay back based on age is allowed, but very (very) rare.

Oh, and close your other accounts and do let them know why.

[Restrain]

We are buying a 2nd home, getting a 30 year note. The loan process is a real PITA, but a 30 year note is easily doable.

[Pfhtex]

Originally Posted by Xonnia

I was told by the loan officer at the bank I traditionally use that a second home loan can be no more than 15 years, is this true always or is it due to age, 65 years old+ ? I do still owe on the first home as well. i'd like a 30 year or 5/5 ARM.

Are you talking about a Second Home, or a Second Mortgage on the same home?

[Xonnia]

Originally Posted by Pfhtex

Are you talking about a Second Home, or a Second Mortgage on the same home?

second home, not second mortgage.

[lae60]

I will be closing sometime next week on a second home and it will be a 30 year mortgage and no taxes or insurance will be escrowed.

[Xonnia]

Thanks for the replies I've emailed my loan officer asking why he said just 15 years and making sure he knew I wasn't asking for a 2nd mortgage on our current house but a new loan on the new house.