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Important Papers?

April 6, 2011

On closing day, you are ecstatic to finally be the proud owner of your new home, but what do you do with the huge pile of papers that you collected in the process?

It’s important to store all of your papers in a safe place, but there are a few that you might need to use more often, so be sure to file these in a more accessible spot:

Deed: This is your proof that you own your property.
Riders: These are amendments to the sale contract.
Truth in Lending statement: Summary of your mortgage, including your percentage rate.
Insurance: Have contact and coverage information available, for whenever you need to make a claim or review your policy.
HUD-1 Settlement Statement: This is an itemized list of your closing costs, and important to have on hand when you pay taxes each year.

Be sure to ask your lender and REALTOR® about any other papers you should keep close at hand.

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