What is the difference between a deed and a mortgage?

The main difference between a deed and a mortgage in Washington is the ownership of the property. A deed is a document that transfers ownership of a specific piece of property from one person to another. With a deed, the new owner has full ownership and control of the property, and can use it any way they see fit, subject to restrictions or covenants established by the local or state government. A mortgage, on the other hand, is a loan that uses the property as security. The lender retains title to the property until the borrower has repaid the loan in full. Therefore, the borrower still has the right to use the property while they are paying off their loan, but does not own it until the loan is paid off. Once the loan is repaid, the lender then transfers the deed to the borrower, making them the full owner of the property. In summary, the key difference between a deed and a mortgage in Washington is that a deed transfers full ownership of a piece of property to someone else, while a mortgage secures the transfer of the deed to someone else through a loan repayment.

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What is the difference between a deed and a mortgage?

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