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interest loan mortgage HELP!!?

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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?

calculating the effective interest rate… <Not sure this is the right site to ask this question. If there are better online forums for this, please share the URLs. Thanks.> I just started an application for a 15-year fixed mortgage at 3.125%. I am wondering…
Worthwhile to go 30-year IO (interest… If you had to choose between 30-year fixed at 7% and 30-year interest only at 6.5%, would you go for the interest-only mortgage solely for the tax deduction? By the way, I have *no* idea…
How to get out of a interest only mortgage!? I had a garage built and then lost my job so I got another mortgage including the garage. Well I was not aware it was an interest only mortgage until this year when I found…

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

what do i do?….

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