Also if you are still in the 3 day right of recission you can cancel the deal as well. good luck
Your situation is repeated countless times throughout the country. I am so sorry to hear about your being misled. When you trust someone to protect your financial interests and the product they deliver is something quite different than you were expecting, it puts a strain on multiple areas of life.
The bad news is that there is not good news for your situation. It sounds as if the three days right of recission have passed and you are, unfortunately, stuck with an interest only not that you neither wanted nor had any idea you were getting.
I do however have a suggestion. Until you are prepared to refinance into a note that includes prinicipal and interest in the monthly payments, you can add a bit to the total amount you pay each month and specify the extra amount to be applied to principal. Most borrowers who have interest only options don't do this, so it will be an anomoly for your lender. My sugestion is to contact the company who services your loan (the company you pay each month) and ask them the best way to apply additional funds to the prinicpal balance of your loan.
Jason (below) gave you some good advice. Before you refinance, ask several friends and trusted family members who they would consult when getting a mortgage.
Other than filing a complaint with the Better Business Business Bureau & NJ Department of Banking, I'm not sure you have any other recourse. My advice is to contact those entities and then maybe contact a local Mortgage Broker (get a referral from a friend or family member) to see if they can provide any help or advice. Good luck and I am sorry to hear about your experience.
Gina Chirico, Sales Associate
973-228-1000 ext 132