What to keep from your closing

If you've never bought a home before, get ready to sign a lot of paper-most of it in duplicate. What of this stack of documents is particularly important to stow away?

• HUD-1 settlement statement. Itemizes all the costs-commissions, loan fees, points, hazard insurance-associated with the closing. You'll need it for income tax purposes if you paid points.

• Truth in Lending Statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

• Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

• Deed. Transfers ownership to you.

• Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven't incurred any liens.

• Riders. Amendments to the sales contract that affect your rights. Example: The sellers won't move out until two weeks after closing but will pay rent to the buyers during that period.

• Insurance policies. Provide a record and proof of your coverage.

Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer's Guide (Real Estate Center at Texas A&M, 2000)