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. Truth in Lending statement: This handy paperwork helps to summarize the details of your mortgage, including your percentage rate.
2. Insurance: 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.
3. Deed: This paperwork proves that the property has "indeed" been transferred to your ownership.
4. Riders: These are sale contract changes (amendments) that affect you directly.
5. HUD-1 Settlement Statement: This is a great itemized list of your closing costs. It will be especially important for when it comes time to pay income taxes.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
For a more indepth list of items to keep, be sure to ask your lender and real estate agent.
Published: August 23, 2010
by Carla Hill
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