Definition: The word "mortgage" and "deed of trust" are legal terms used in the United States to describe different types of financial agreements for mortgage loan purposes. 1. Mortgage: A mortgage refers to a type of loan that involves a person or entity borrowing money from another party, usually through a bank or other financial institution, to purchase real estate property. The borrower makes a payment to the lender each month until they have fully paid back the debt. In exchange for the loan, the borrower typically agrees to assume some level of personal risk by financing their own home. 2. Deed of trust: A deed of trust is a legal document that transfers ownership of real estate property to another party through a written agreement between the parties involved in the transaction. The transferor retains title to the property and any rights therein, while the transferee assumes all the risks associated with owning and managing it. The main difference between a mortgage and a deed of trust is the nature of the loan itself. A mortgage involves borrowing money from another party (usually a bank), while a deed of trust transfers ownership of real estate property to an independent third party through an agreement made in writing by the parties involved.
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