[Tropical]

...switch to a fixed rate ? How difficult is this transaction going to be ? I am nervous if I can't with all the new standards ? Is this based only on a appraisal of my property vs my current loan ?

[Hippiechick]

It will be based the appraisal. You should have some down payment because you have no equity built up and you 'll need money for closing costs. Get out of that interest only mortgage if possible. good luck.

[The Bulk]

Get out of that thing as fast as possible especially right nowno offense but only an idiot or a flipper uses interest only

[ken Bush]

Hello, my name is Mrs maureen, saw your question on how to acquire a loan, that's why i decide to refer you to this legit lender that help me some time ago, you can contact him on; kennisbush@yahoo.com

[Joseph P]

Yikes, looks like your question generated lots of sales people hounding you for business. To answer your question and not solicit you...This transaction may or may not be difficult depending on your financial status. You would certainly need to qualify for the higher payment and meet the requirements of the lender. The lender will definitely do a new appraisal. If I were you, I would try to stay with my current lender, because they are more likely to want to help you get out of the i/o loan. Also, check your loan documentation to see exactly what happens when your i/o loan switches over...its possible with these low rates, that you might flip over to a rate that's not so bad?? With all the new options out there to try to help customers, you may end up being better off in the long run. Dont panic. The last thing the bank wants is your house, and there are many new programs out there that try to help the consumer out of these jams. Good luck to you.