What You'll Learn
- Diligent record keeping can save you time and money
- If you receive a letter that Freddie Mac purchased your loan, do not be alarmed. No action is required on your part
- Records of all home improvement projects will be needed if you plan to refinance or sell your home
As a homeowner, one of the first things you need to do – once settled – is to get serious about filing all of your home-related paperwork. A systematic plan for filing, updating, and managing can save you a lot of valuable time, and perhaps even money, over the long run.
As a general rule of thumb, you should file all of the following in a safe place:
- All paperwork you received prior to and at your home closing
- All updates to your insurance and Homeowners Association policies
- Annual tax records
- Records of all home improvement projects (this information is needed when refinancing or selling your home and for tax purposes)
- Copies of all home maintenance projects, especially if you plan to use the contractor again. Throughout the course of owning your home, you’ll find that having the names and contact information of trusted plumbers, A/C repair companies, appliance repair companies at your fingertips is very valuable.
- Copies of all warranties tied to your home, including appliances, fences, and roof
- A notification from Freddie Mac or Fannie Mae that they have purchased your loan. Selling mortgage loans to Freddie Mac and Fannie Mae is a standard part of the mortgage business for many of the nation’s mortgage lenders and there is no need to be alarmed. These letters are for informational purposes only and no action is required on your part.
- Copies of any important notifications from your bank about your loan
- All paperwork related to working with your lender to get mortgage help
If you paid for a professional service related to your home, it’s a good idea to file the paperwork
Having copies of all warranties can save you time and money
All paperwork related to getting help with your mortgage should be saved, along with any notes from verbal conversations