Top 10 Refinance Loan Docs Explained in DETAIL + Tips You Won't Get From a LSA Training Course

Mortgage refinancing is a great way to save money on your home loan by replacing your existing mortgage with a new loan that has a lower interest rate. Refinancing can also help you pay off your mortgage faster, or access cash to make home improvements or pay off other debts. But how long should you keep documents related to your mortgage refinance?

Whether you are refinancing your existing mortgage or taking out a new one, you’ll need to keep documents related to your loan for several years. The amount of time you should keep documents depends on the type of document and the date of the loan. It’s important to understand which documents you should keep and for how long, so that you can easily find them if needed.

Tax Documents

Tax documents related to your mortgage refinance should be kept for a minimum of three years after the date of the filing. For example, if you filed your taxes for the year 2019 in April 2020, then you should keep those documents until April 2023. It’s also important to note that if you’re ever audited by the IRS, you’ll need to provide documentation from up to seven years prior.

Closing Documents

Closing documents are the most important documents related to your mortgage refinance. These documents include your loan agreement, the closing disclosure, and the settlement statement. You should keep these documents indefinitely in case you ever need to reference them.

Appraisal Reports

If you had an appraisal done on your home before refinancing your mortgage, you should keep the appraisal report for at least seven years. This is because the report will include information about the appraised value of your home, which could be useful if you ever need to refinance again.

Mortgage Statements

You’ll need to keep your monthly mortgage statements for at least one year. These statements will show you the amount of money you’ve paid on your loan and the current balance. You may also need them if you decide to refinance your loan or if you ever need to dispute any charges on your account.

Insurance Documents

If you purchased mortgage insurance when you took out your loan, you’ll need to keep the documents related to that policy for at least three years. This is because the insurance company may need to verify your policy if you ever need to make a claim.

Key Points:

• Tax documents related to your mortgage refinance should be kept for a minimum of three years after the date of the filing.
• Closing documents should be kept indefinitely in case you ever need to reference them.
• Appraisal reports should be kept for at least seven years.
• Monthly mortgage statements should be kept for at least one year.
• Insurance documents should be kept for at least three years.

People Also Ask Questions and Answers

Q: How long should I keep mortgage refinance documents?
A: You should keep documents related to your mortgage refinance for several years. The amount of time you should keep documents depends on the type of document and the date of the loan.

Q: How long should I keep tax documents related to my mortgage refinance?
A: You should keep tax documents related to your mortgage refinance for a minimum of three years after the date of the filing.

Q: How long should I keep closing documents?
A: You should keep closing documents indefinitely in case you ever need to reference them.

How Long To Keep Mortgage Refinance Documents – Highest Rated?

In this video I explain in FULL DETAIL 10 common documents you will find a refinance loan package. This video is LONG and filled with tons of nuggets that you will not get from any training course! I made this video for new loan signing agents looking to start their notary journey this years so grab a pen and paper and something to sip on because you are going to want to watch this all the way to the end!

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