Jim Potts

Synergy One Lending

  • Home
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Programs
    • Loan Process
    • Mortgage Glossary
  • Buyer & Seller Guides
    • Construction & Renovation Loan Learning Center
    • Home Buyer Handbook
    • Buying a Home
    • Comprando Una Casa
    • Selling Your House
    • Vendiendo Su Casa
  • Schedule Appointment
  • Apply
  • Reviews
    • My Reviews
    • Google Reviews
  • About Jim
  • Contact Us

How Long To Save Mortgage Documents

December 15, 2021 by Jim Potts

How Long To Save Mortgage DocumentsPurchasing a house involves a tremendous amount of paperwork. There is even more paperwork involved if the buyer goes through a lender. With so much paperwork, some homeowners might be wondering how long they have to keep all of these documents. Ideally, homeowners should keep these documents for the life of the loan, but there are a few other points to consider. 

What Documents Come With The Home?

Even though the exact documents that come with the home can vary depending on the type of purchase, there are a few common pieces of paper. The deed is one of the most important documents that come with the house. It indicates that the homeowner actually owns the home. The promissory note is also important. This is the mortgage contract, and it states that the homeowner agrees to repay the debt with the interest agreed upon. A purchase agreement is signed by the buyer and seller. It includes the price of the house, the closing date, and other details. Title insurance is also important because it protects the homeowner from issues with the title to the house. 

Which Documents Must Be Saved?

Ideally, all of these documents should be saved; however, the deed to the house is the most important thing. It is critical because it signifies the homeowner owns his or her house. It is also a smart idea to keep the inspection report or the closing disclosure, as this highlights any potential issues with the home. The homeowner may need to go back to those documents later to see what issues might need to be addressed. 

Why Keep These Documents?

Homeowners need to save these documents because they can be helpful if issues arise with the house. For example, these documents might be necessary for tax season, as there are a lot of deductions that could stem from the purchase of a house. It is important to work with a tax professional on these issues. Furthermore, these documents are helpful if a legal or insurance question arises. Homeowners might need these documents to address any concerns. These documents can also be helpful when homeowners decide to sell the house down the road. It is prudent to store these documents in a safe or a safety deposit box at the bank. 

 

Jim Potts

Filed Under: Mortgage Tagged With: Important Documents, Mortgage, Storage

Jim Potts

Jim Potts


Branch Manager
Call (760) 337-8100
NMLS# 227144
Synergy One Lending Logo

What's My Home Worth?

How can I help?


0 / 180

Connect With Me

Archives

Latest Articles

  • Buying in a New Community: How to Meet and Make Friends with Your New Neighbors
  • What You Need To Know About Your Home Appraisal And Your Mortgage
  • Most Renters Are Paying Far More Than Their Landlord’s Mortgage
  • S&P Case-Shiller Home Price Indices Show Mixed Readings in March

Our Location


5252 Balboa Avenue, 601a
San Diego, CA 92117

Copyright © 2021 | Synergy One Lending | NMLS# 227144 | Corp NMLS #1907235 | Licensed to Do Business in the State of CA | NMLS Consumer Access Portal | Privacy Policy | Disclosures


Equal Housing Lender

Copyright © 2023 · Powered by MySMARTblog