Paperwork to Keep After Closing
At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file for future use?
To make your job of sorting through the papers a little easier, here are a few “be sure to save” items:
Loan Estimate:
The initial estimate of the terms and costs of your mortgage loan, provided by the lender.
Closing Disclosure:
A five-page form that provides the final details about your mortgage loan, including the loan terms, projected monthly payments, and itemized closing costs.
Note:
A written promise to repay a specified amount of money plus interest at a specified rate and length of time.
Deed of Trust/Mortgage (including any riders):
The document that secures the Note. The Deed is recorded with the county recorder for the county in which the property is located.
Appraisal:
A detailed report providing an estimate of the value of your property.
Purchase Contract:
The document containing the final agreed-upon purchase price and terms between buyer and seller.
Homeowners Insurance Policy:
Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
Be sure to keep all your paperwork in an organized filing system and in a fire-proof safe.
