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What is the difference between a mortgage and a deed of trust?
I’m a first-time home buyer, and all the jargon has been really confusing for me while I get my finances ready. Is there a difference between a mortgage and a deed of trust?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Thank you for your question. Hopefully, we’ll clear that right up for you!
The main difference between a mortgage and a deed of trust is the parties involved with each contract:
- Mortgage: two parties—the borrower and the lender. The borrower holds the property title but the home remains the collateral. A mortgage favors the borrower, as the lender must go to court before foreclosing the property.
- Deed of trust: three parties—the borrower, the lender, and the trustee. The property title is temporarily held by the trustee. It is only handed over to the borrower once the loan is fully repaid. The deed of trust favors the lenders as non-judicial foreclosures can be used.
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