Interest Only Loan & Mortgage!?! *???

Me and my fiance are looking to buy our first place 🙂 I am doing the research, and at a loss in regards to this. No website I’ve found give just STRAIGHT UP facts about this so I want to know…
What are the advantages and disadvantages to an interest only loan?
And how is this different than an interest only mortgage?
Thank you in advance! 🙂

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