What Is a Mortgage Statement?

What Is a Mortgage Statement?

A mortgage statement is an annual piece of documentation that you receive from your mortgage servicer. This document will tell you a lot of different information about your mortgage, including the below:

-The number of properties that are securing the mortgage

-The mortgage insurance premiums

-The borrower's name and address

-The lender's tax ID number

-The borrower's tax ID number

-The mortgage acquisition date

-The lender's name and address

-The points paid which have been paid on the purchase of the residence

-The origination date of the mortgage

-The outstanding mortgage principal

-The refund of any overpaid interest

-The mortgage interest that has been paid by the borrower for the year

Once a year, your lender will send out your mortgage statement so that you can stay updated on the health and life of your loan. While these are calculated once a year, you can also get them monthly or upon request.

It is very important to look at your mortgage statement. If something on your mortgage statement seems inaccurate, you will need to let your lender know right away so that they can correct these records.

How Long to Keep Mortgage Statements

Different professionals have different opinions on how long you should keep your mortgage statements. Overall, most people recommend that you keep your mortgage statements for at least three years. Some people believe that you should keep these statements for at least ten years.

You should also keep these types of documents if you choose to refinance your mortgage. If you notice errors on your mortgage or refinancing statements, you should talk to your lender about what might have caused these errors and how to correct them.

It is not easy to keep track of all of this paperwork. Some people choose to keep them in their home office or in a filing cabinet. While it might seem more convenient to upload all of your documents to the cloud or an online service, they are not always the most secure. If you want to keep a digital copy of your documents, keep them on a physical hard drive.

Conclusion

Overall, a mortgage statement provides a lot of information about your mortgage on an annual basis. Sometimes, this documentation can also be shared on a monthly basis or upon request. You should make sure to keep this documentation for at least three years, although some people recommend you keep it for at least ten years, or for the life of your loan.