5 Things To Remember After Paying Off Your Mortgage
Written by
Stephanie Mickelson
Edited by
Cory Dudak
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How long you should keep mortgage documents after paying off your loan varies according to the type of document and how easy it is to get copies if you need them.
Chances are, if you’ve already gotten rid of mortgage documents that are typically recorded — the mortgage and promissory note or the deed, for example — you’ll be able to track down a copy through your county recorder’s office. But hunting these documents down can be time-consuming and may even come with fees. So your best bet is to keep them in a safe place until you no longer need them — likely after you sell your home, and maybe not even then.
Monthly Mortgage Statements
If you received monthly mortgage statements in the mail, they were for your records, and you won’t need them after the loan is repaid. But if you do online banking, there is likely a copy of each statement available through your online account that you can look up and print in the case of a mistake or if you need it for tax purposes.
The Deed
The deed is the piece of paper that proves you own the property and protects you from another party claiming a right to the property. You should keep a paper copy for as long as you own the home, though there should be a copy on file with your county recorder or land records office.
Sales Contract
The sales contract, or purchase agreement, includes the price you paid for the property and the conditions of the sale. Keep the contract for as long as you own your home.
Seller’s Disclosure
The seller’s disclosure details any defects the seller knew about the property at the time you bought it and may also have information about repairs and improvements they did while they owned the home. You should hang onto the disclosure for as long as you own the home. In the event that something happens with the house that the seller should have disclosed, you may be able to take legal action but will need the seller’s disclosure as proof.
HUD-1 Settlement Statement or Closing Disclosure
You received the Closing Disclosure — or HUD-1 Settlement Statement, if you applied for your loan before Oct. 3, 2015 — a few days before your sale closed. Whichever version you received, the form contains loan details as well as an itemization of closing costs and all other money that changed hands during the transaction. The disclosure can be a useful reference for documenting capital gains in the event you sell the home at a profit, so hold onto it.
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