Your New Home

 

This section discusses loan closing documents you must keep, your new mortgage loan responsibilities, and what to do if you have questions about your loan.

 

Documents You Should Keep

You should keep a copy of every document you signed your name to at the closing meeting. It’s especially important to keep a copy of your settlement form. You will find it useful when you file your taxes and if you sell your home. For example, the real estate taxes and loan discount points you paid as part of your closing costs are tax deductible. So, when you file your taxes, you will need to refer to your settlement form to get these amounts.

In addition to the closing documents, you should keep all insurance records, such as homeowner’s and title insurance. You would need to have access to your homeowner’s policy if, for example, someone were to sue you because they were injured on your property. And you would refer to your title insurance policy if you were to find a flaw in the title after you bought the house.

It’s a good idea to keep these important records in a safe place. You may store them in a safety deposit box or a bank vault in addition to keeping a copy of them in your home.

 

Making Your Loan Payments

Your mortgage note (one of the closing documents you signed) states the terms of your mortgage, including