Why Having Your Mortgage Agreement is Important

Having your mortgage agreement on hand is incredibly important for any homeowner. Whether your home is paid off or you are still in the process of paying your loan, you should obtain and keep a copy of your mortgage agreement in a safe place in your home or in a safety deposit box at a bank. There are many instances in which it may become necessary for you to produce your agreement.

Proof of Ownership

Having your mortgage paperwork available in your home or safety deposit box means that you will be able to prove that you are the owner of your home. Being able to prove that your home is really yours is important in legal disputes with others and with proceedings like divorce. Having the paperwork is important both before and after your home is paid off. Your possession of the actual document will help prevent you from falling prey to any mistakes, overpayments, underpayments, or predatory lending practices. It also helps clear up any legal disputes or confusion.

Refinancing

There are many different reasons that you might want to refinance the original mortgage agreement for your home. Whether you are looking for a better deal, wanting to reduce your payments, or needing to get rid of private mortgage insurance that was required with the original loan, you many need a copy for your original mortgage agreement. Reading the document will help you to make sure that your new mortgage is truly better than the original agreement. Also, some establishments require the original documentation in order to refinance. Letting us help you find the original agreement makes the process easier and less confusing for you.

Disputes with Lender

Occasionally, some homeowners will have disputes with their lenders concerning various parts of their mortgage loan. Having a copy of the original, agreed-upon mortgage on hand will help clear up any disputes or misunderstandings. Sometimes, mistakes can be made by either party. These mistakes can concern repayments amounts, scheduling of payments, or any other fact of the arrangement. Your having a copy of the original agreement and reading it thoroughly will help prevent you from making any mistakes and prevent a predatory lender from trying to take advantage of you. There are many reasons why you should keep your mortgage agreement in a safe place at all times. However, sometimes loss is unavoidable. Lost or destroyed mortgage paperwork can be an issue for many homeowners. After all, things get routinely misplaced while moving, cleaning, or reorganizing. That is why Certified Field Agents is here to help. We have specially trained Field Agents who can help you find many lost or destroyed documents. Contact us today to get more information on our mortgage retrieval services.