How Long Should You Keep Your Mortgage Statements?

How long should you keep your bank statements?

one yearKey Takeaways.

Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded.

Anything tax-related such as proof of charitable donations should be kept for at least three years..

What are the four must have documents?

Four key estate planning documents that everyone should have in placeA will. What is a will? … An enduring power of attorney (EPOA) What is an enduring power of attorney? … An appointment of medical treatment decision-maker. What is a medical treatment decision-maker? … An advanced care directive (ACD)

How many years of medical records should you keep?

seven yearsFederal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient.

What should you not shred?

Be sure to lock up any important documents that you don’t shred, including birth and death certificates, adoption papers, marriage and divorce papers, citizenship papers, Social Security cards, tax-related documents, deeds and titles, and financial statements.

Should you keep mortgage statements?

Mortgages come with a lot of documentation. … Store a copy of each of your mortgage statements for a few months to make sure all of your payments are accurate and accounted for. Keep your personal copy of your deed, promissory note and Closing Disclosure for as long as you have your loan.

How long should you keep statements?

Chart: What records to keep, how long to keep themDocumentHow long to keep itCredit card statementsOne monthPay stubsOne yearBank statementsKeep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.Utility and phone billsOne month5 more rows•Mar 15, 2010

Does your mortgage go down over time?

How Mortgages Amortize. Although the interest portion decreases each month, the mortgage payments themselves do not decrease over time. More money is going toward the principal balance, which is fully amortized over the life of the loan.

What papers to save and what to throw away?

Important papers to save forever include:Birth certificates.Social Security cards.Marriage certificates.Adoption papers.Death certificates.Passports.Wills and living wills.Powers of attorney.More items…•

How do I get my bank statements older than 7 years?

You need to contact the bank and ask. Banks do keep records typically going back 7 years, though bank policies vary.. Twenty years back would be unusual. Statements are kept digitally or on microfilm or microfiche, with the latter forms taking longer to retrieve.

Is there any reason to keep old mortgage papers?

As a rule of thumb, you should keep all of the contract papers detailing your home purchase and original loan for the life of the loan. And sometimes longer. … Any improvements you’ve made on your house, as well as expenses when selling it, are added to the original purchase price.

Do I need to keep old investment statements?

Keep your year-end stock and mutual fund account statements in your tax files for three years. … The Internal Revenue Service normally doesn’t examine tax returns more than three years old for most taxpayers, or six years for those who are self-employed.

What papers should I keep and for how long?

How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…

Should I shred utility bills?

You probably already know that you should always shred documents that contain your name and address or financial information, such as bills and bank statements. … There are many types of document that you should dispose of securely – not just those that contain obvious confidential information.

How do you prove your house is paid off?

You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.

Do I need to keep old refinance paperwork?

A. Each time you refinance you only need to keep the closing summary that documents your costs and the paid-in-full letter from the old mortgage. … Keep all of the latest refinancing documents.

Where should you keep important documents?

Where to Keep Your Important PapersWallet. You are, obviously, very limited in what you can keep in such a small space. … Safe Deposit Box. You can rent a safe deposit at your bank or credit union for a small annual fee. … Home Box. … Attorney. … Out-of-Area Friend or Relative. … Online or Digital Storage.

How long should you keep house closing documents?

3 yearsHOME SALE RECORDSDocumentHow Long to Keep ItHome sale closing documents, including closing statementAs long as you own the property + 3 yearsDeed to the houseAs long as you own the propertyBuilder’s warranty or service contract for new homeUntil the warranty period ends3 more rows

What do you do with old bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.