Definition: The term "mortgage or deed of trust" refers to a legal document that gives a borrower the right to use the property as security for a loan, including any other debts owed on the property. A mortgage or deed of trust usually lasts for a specified period of time (usually 30 years), and the borrower is obligated to continue paying off the debt. If the borrower defaults on the payment, their lender may take possession of the property to collect the debt from them. In some cases, the borrower can also use the proceeds of the mortgage to pay off other debts or to make improvements on the property. The word "mortgage" refers to a loan that requires repayment through periodic payments, usually based on a percentage of the value of the property being pledged as security for the debt. The term "deed of trust" refers to a legal document that grants a borrower the right to use the property in certain ways (such as paying off debts or making improvements) and has specific terms and conditions, such as repayment periods or limitations on how much the lender can take from the borrower. In summary, a mortgage is a loan that requires repayment through periodic payments based on a percentage of the value of the property being pledged as security for the debt. A deed of trust is a legal document that grants a borrower the right to use the property in certain ways and has specific terms and conditions, such as repayment periods or limitations on how much the lender can take from the borrower.
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