interest loan mortgage HELP!!?

I am in my first year of interest only mortgage…(low mon. payment)…. my mortgage broker says that there is no money paying towards the principal balance….and its eating up my equity…..after 2 more years i will need to pay a huge amount of cash!! he also stated that i cannot refi* because of a penalty?

im a first time buyer… please help. thank you people

what do i do?….

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