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 away for future use?

To make your job of sorting through the papers a little easier, here are a few “be sure to save” items.

  1. Loan Estimate: The initial estimate of the terms and costs of your mortgage loan, provided by the lender.

  2. 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.

  3. Note. A written promise to repay a specified amount of money plus interest at a specified rate and length of time.

  4. 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.

  5. Appraisal. A detailed report providing an estimate of the value of your property.

  6. Purchase Contract. The document containing the final agreed-upon purchase price and terms between buyer and seller.

  7. 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 of your paperwork in an organized filing system and in a fire-proof safe.

Disclaimer : The information contained in this article has been prepared by an independent third party and is distributed to consumers for education purposes only. The information is not guaranteed to be accurate and does not represent the opinions of 5-Star Loan.

©2018 5-Star Loan


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