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.

This information is intended for general educational purposes and may not be applicable to every borrower. Find a Guild Mortgage Loan Officer in your neighborhood for personalized guidance about your situation.