Obtaining a mortgage entails managing a significant amount of paperwork, from the numerous documents received at closing to the monthly statements from your lender. You might be curious about how long you need to retain these statements and other mortgage-related papers, especially in today’s digital era. Here’s a guide on how long to keep mortgage statements and other home-related documents.

Whether you receive mortgage statements by mail, email, or through an online account, they have a short shelf life since new ones arrive monthly. Therefore, you can destroy or shred them whenever you choose.

“Since the information on monthly statements is always changing, there’s no need to keep them for any prolonged period if you don’t want to,” says Than Merrill, CEO of FortuneBuilders, a real estate investor coaching firm. You can dispose of these documents fairly quickly or even immediately if you can access them online. At most, keep one on hand for proof of mortgage details or home address if needed.

Other mortgage documents can also be discarded relatively soon. “The agent’s agreement and addendum documents can be discarded after as little as three years, since the statute of limitations for IRS auditing is up to that time,” says real estate investor Warner Quiroga, president and owner of Prestige Home Buyers in Long Island, New York. While Quiroga suggests discarding the home inspection report, other experts recommend keeping it to prove the home’s condition at purchase.

However, many experts advise holding onto certain mortgage documents, such as the mortgage note, for the life of your loan or longer, or at least until you sell your home.

Your mortgage statements typically include the following details:

Upcoming Payment Information: This section shows the amount of your next mortgage payment, with a breakdown of how much is allocated to the principal, interest, escrow account (for homeowners insurance and property taxes), and any fees.

Loan and Account Details: This part of the statement provides basic loan information, including your account number, property address, outstanding mortgage balance, current interest rate, and maturity date (when your loan will be fully paid off). It may also indicate if there’s a prepayment penalty on your mortgage.

Transaction History: Similar to a bank statement, this section lists any charges and payments made since the last billing cycle.

Past Payment Breakdown: This section offers an overview of your mortgage balance progress, showing the amount paid last month and the total paid so far this year.

Contact Information: This section provides options for contacting your loan servicer.

Mortgage statements will accompany you throughout the life of your home loan. Before they start arriving, there are several other important documents you’ll encounter during the home purchase process. Here they are, roughly in the order you’ll see them:

“This contract between you and your real estate agent outlines how the agent will work for you and their payment structure,” says Quiroga.

A seller disclosure document details any known issues with the home. “It informs you about the house’s condition and any problems that might affect its value or safety, such as structural defects or hazards like asbestos or lead paint,” explains Quiroga.

This detailed report from a professional home inspector describes the condition of your home, including any potential hazards or problems.

Provided by the settlement or title company, this document contains information about your title insurance policy, which protects the lender (and you, if you opt for this coverage) from ownership issues with the property.

The promissory note, or mortgage note, is the legal contract you sign with your lender, in which you promise to repay the debt with interest and agree that the home is collateral for the loan. “In some states, a document called a deed of trust is used instead,” notes Quiroga.

The closing disclosure, provided at least three days before your closing, “summarizes the final details of your mortgage loan and the property sale,” says Quiroga. “It includes information such as the loan amount, term, type, interest rate, overall costs, and escrow fees.”

The purchase agreement or contract, signed by both you and the seller at closing, typically includes the home’s purchase price, closing date, and other essential details. It may also include addendums and amendments, which specify any changes or details not present in the original purchase and sale agreement (the contract you signed when your home offer was accepted).

The deed, signed by both you and the seller at closing, indicates your ownership of the home. “The main purpose of a deed is to transfer the legal rights of the property from one person or business to another,” says Quiroga.

While you can dispose of your monthly mortgage statements, there are several other documents you should keep for as long as you own the home. These include:

  • Deed: “Above all, never throw away or lose the deed to your home, as it is the most important document to keep,” says Leonard Ang, CEO of iPropertyManagement. The deed proves your ownership of the home. If you sell your property, you will need to transfer the deed to the new owner.
  • Purchase Agreement and Seller’s Disclosures: These documents contain specific details about your home’s condition. If any issues arise, you can refer to these to see if the problems were disclosed.
  • Closing Documents: This includes the closing disclosure, deed of trust, or mortgage note. These documents outline the financial and legal terms of the transaction, including the terms and costs of your loan and your repayment obligations.
  • Home Inspection Report and Home Warranty: The home inspection report contains specifics about the state of your home, which can be useful for future maintenance or renovation projects. The home warranty details what is covered under your policy, which you should check before replacing any appliances or home systems. “A homeowner should indefinitely hold onto any documents that detail the state of the home,” says Merrill. “They may not seem necessary to keep at first, but there’s always a chance they will come in handy in the future.”
  • Property Survey: This document shows your property lines, which is useful if you plan to build on your land.

Now that we’ve outlined how long to keep your mortgage documents, here are some key reasons why it’s important to retain them:

  • Resolving Issues: If questions about your title, insurance, taxes, or legal matters arise, your mortgage paperwork can be invaluable. “For instance, your homeowners insurance agent may request some of this paperwork, particularly if there is an insurance claim involved,” says Ang.
  • Proving Loan Satisfaction: If your mortgage lender fails to file a satisfaction of mortgage with the local recording office when you pay off your loan, your mortgage documents can prevent disputes during a future home sale.
  • Addressing Foreclosure or Title Challenges: In the event of foreclosure or a title challenge, you might need these documents to prove your ownership of the property.
  • Other Needs: You may also need your mortgage statements for determining your capital gains tax liability, preparing for major remodeling projects, or having documentation in case of an audit.

The takeaway? “Keep everything,” says D’Annucci. “You never know what challenges you may face in the future that your carefully preserved paperwork can help resolve.”

Ideally, store original paper mortgage documents in a fireproof and waterproof safe at home or in a safe deposit box at your bank. At the very least, use a lockable filing cabinet. “Try to organize your papers in a binder or folder,” says Ang. “Chronological order may be most helpful, with indicator tabs showing the month and year.”

It’s also smart to keep a digital copy of your mortgage documents in cloud-based storage or on a hard drive. “Just be aware that a hard drive can be lost, and cloud-based storage can be hacked,” says Quiroga. “Plus, digital copies can be altered. That’s why holding onto the original paperwork is wise.”

If you decide to discard any of these documents, don’t simply toss them in the trash. “Remove all sensitive content before discarding, including account numbers, Social Security number, and date of birth. Use a redaction pen or stamp,” says D’Annucci.

Afterward, thoroughly shred or completely burn the paperwork.

Lastly, if you’ve lost or damaged any original mortgage documents, don’t despair. You may have options to retrieve them or get replacements, says Gabriel Freitas, broker/owner at Voyant Realty in Andover, Mass.

However, he advises homeowners to keep a close eye on the “original note from a closing package, as well as any discharges when mortgages are refinanced or paid off.”

“Other documents can be obtained if you lose them, but those two are the ones you might need most, so having them handy is a good idea,” he says.

Many companies that participate in real estate transactions — such as lenders and title companies — keep this type of paperwork on file. If you need a physical copy of a particular document, the company involved in that part of the deal or your local recorder’s office may be able to provide a replacement.