What is an interest only mortgage loan?
An interest-only mortgage loan is one in which the homeowner pays interest only for some initial period of the mortgage loan's terms...
What is a short sale and how long does it take to close on one?
A real estate short sale, by definition, typically "moves" pretty fast. In most cases, a short sale takes place when the seller's lender has agreed to let them sell the home for less than what they owe on the mortgage.