Did You Know You Don’t Need A Mortgage in Virginia?

In Virginia we don’t actually use what’s commonly called a “Mortgage,” we use a Deed of Trust. What’s the difference? To you – not much. But they are different legal documents.

What is a mortgage?

A loan secured by real estate, held through a mortgage note which details the responsible parties (lender and borrower), property address, duration and terms.

What is a Deed of Trust?

A Deed of Trust is the legal document filed with Arlington County (and state) to record your loan. There are several parts to a Deed of Trust:

  • The Parties – borrower, lender, beneficiary
  • Identifying Information – loan amount, legal description, names of the parties, legal procedures (the lenders right to foreclose and how they do it), loan terms (rate, APR, length, loan amount, maturity date)

If you need to apply for a “mortgage” and need some good lenders – check out my “People I Like Doing Business With” Section on the right hand. You’ll find several great lenders listed!