There are some documents that you understandably hang onto, such as your federal tax returns and all of the supporting documentation you used to prepare those returns. However, there are also several important home documents that you should retain in your files. What are these documents, and how long should you keep them in your home filing cabinet?
Your Mortgage Statements
Each month, your mortgage lender will generate a statement for your home loan account. The statement may include your current principal amount, the loan payoff amount, the interest rate, your escrow account balance and other relevant information. At one time, it was recommended that you retain hard copies of your statements for the full calendar year, such as to support your end-of-year tax statement from your lender. However, most lenders now give accountholders full online access to their statements. Before you rely on your lender to retain these records on your behalf, confirm that you have access to at least a full year of online statements.
Other Documents You Should Retain
While you may want to hang onto your mortgage statements for a year, there are other documents that you should retain for as long as you own your house. These items include closing documents, such as the deed, the survey, the purchase contract, the appraisal and the home inspection. Some of these items may be needed when you sell the home or when you refinance your mortgage. If you have a home warranty, you should retain a copy of the warranty details until after the warranty period has expired.
Do you have questions about other specific documents? Our associates at MortgageDepot are always available to help our valued customers. Contact us today to learn more.
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