What Is A Mortgage Statement? What are they and how long should you keep them?
Phong Truong
The Financial Suit Team - NEXA Mortgage Phong Truong
Published on September 26, 2022

What Is A Mortgage Statement? What are they and how long should you keep them?

A mortgage statement, which may also be referred to as a billing statement, is a document that comes from your lender and includes information on the status of your loan. Many lenders issue mortgage statements once a month, but you can usually access them online at any time.

Some of the information you might see on your mortgage statement includes:

  • Your monthly payment summary
  • Loan information
  • Year-to-date-payments
  • Transaction activity
  • Client service information

What Are The Most Important Mortgage Documents To Keep?

  • Deed
  • Deed of Trust and Promissory Note
  • Purchase Contract and Seller Disclosures
  • Home Inspection Report
  • Home Warranty

How Long Should You Keep Your Mortgage Statements?

The amount of time that you want to retain your mortgage documents depends on the item.

You should keep monthly statements for the shortest amount of time. Because the information on these statements gets outdated quickly, you don’t need to keep them for long.

Most homeowners typically keep their statements for about 3 years. Even though your lender will have copies of your monthly billing statements, it’s a good idea to have the physical ones on hand. You may want to keep each one for a longer period of time if you notice a mistake on one of your statements.

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Phong Truong
The Financial Suit Team - NEXA Mortgage Phong Truong
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