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Canadian mortgage amortization (6 Legacy Votes)

Quicken CommunityQuicken Community Employee mod
edited March 2020 in Manage Accounts and Transactions (Mac)
How about adding Canadian mortgage amortization functionality to Quicken for Mac 2018! We had it for Quicken for Mac 2007. Now over 10 years ago! Really?
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  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited April 2018
    Can you explain how a Canadian mortgage differs from a US mortgage?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • UnknownUnknown Member
    edited April 2018
    Mostly in term of duration I believe. 2, 3, and 5 year terms are common in Canada but payments are amortized over 25 years (mostly, but can be as long as 30 years). The result is the mortgage needs to be refinanced at the end of term at a then prevailing interest rate. Unlike a US mortgage that might match term and amortization proving more certainty of payments and principal balances from time to time.
  • smayer97smayer97 SuperUser, Mac Beta, Canada Beta ✭✭✭✭✭
    edited August 2018
    I believe there is also a difference in the way interest is calculated, e.g. compounded vs not, or periods used for compounding.
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    (    Canadian user since '92, STILL using QM2007)


  • UnknownUnknown Member
    edited April 2018
    Not certain about in the US but in Canada mortgage interest is calculated semi-annually. So one must calculate an effective rate of interest that matches the payment frequency. This was all done (calculated automatically) in Quicken for Mac 2007. It would be great if this was programmed in to Quicken for Mac 2018. Please!
  • Quicken_NatalieQuicken_Natalie Moderator mod
    Hello All,

    This Idea seems to have fallen stagnant and due to the age of the request and lack of User Votes/Comments, it will be archived within the next 7 business days.

    If you would like to see this Idea kept alive and considered for possible future implementation in Quicken, be sure to add your vote and a comment explaining how this Idea would be beneficial for you.

    More information, including steps to vote and how to submit your own Ideas for future product features/improvements, is also available here.

    Thank you,

    Quicken Community Support Team

     
  • smayer97smayer97 SuperUser, Mac Beta, Canada Beta ✭✭✭✭✭
    edited March 2020
    This is absolutely needed. Because this is a request for a Canadian specific feature you should not expect a lot of votes to show up BUT this is about accurate calculation. It was available in QM2007 and earlier. It should be re-implemented. We Canadians need accurate mortgage calculations too, regardless of the number of votes. This affects ALL Canadian users that record mortgages in QMac.
    Have Questions? Check out these FAQs:COMPLETE list of Product Ideas - Quicken for Mac to VOTE on

    Object to Quicken's business model, using up 25% of your screen    ? Add your vote here:
    Quicken should eliminate the LARGE Ad space when a subscription expires

    (    Canadian user since '92, STILL using QM2007)


  • TommyFMTommyFM Member ✭
    I can't believe this doesn't exist already. It's basic functionality. If you're going to market a Canadian financial product, it absolutely should reflect Canadian standards. To say that more "votes" are required before core functionality is even considered for introduction into a product is ridiculous.

    This is a significant flaw in the product, not merely a suggestion for potential improvement.
  • UKRUKR SuperUser ✭✭✭✭✭
    I'll add my 2cents (US) ...
    I think it would be a helpful addition to our Canadian customers' Quicken versions, both Mac and Windows, if the Loan Wizard would correctly support the specifics of a Canadian mortgage.

    Everyone, including the person who initiated this discussion …
    If you would like to see this enhancement made in a future version of Quicken please don't forget to vote on it. Locate the big blue box near the top of this webpage (or page 1 for long discussions) and click the "Up" triangle under the voting count.
    Wait a moment for the vote count to be registered and updated before you continue.
    The little triangle changes from grey to black when you have registered your vote.
    Adding extra comments helps, but does not automatically increment the vote count.

  • UnknownUnknown Member
    Quicken is sold in Canada and I would expect that it's Canadian version contains the features matching the Canadian market. Selling the US version just rebranded is wrong. The mortgage issue is just one. To this date Canadian version doesn't support multi currency that is very common for Canadian users. Charging the full value and labeling basic functionalities as the "ideas" for enhancement is wrong.
  • smayer97smayer97 SuperUser, Mac Beta, Canada Beta ✭✭✭✭✭
    Meanwhile, be sure to add your vote above if you have not already.
    Have Questions? Check out these FAQs:COMPLETE list of Product Ideas - Quicken for Mac to VOTE on

    Object to Quicken's business model, using up 25% of your screen    ? Add your vote here:
    Quicken should eliminate the LARGE Ad space when a subscription expires

    (    Canadian user since '92, STILL using QM2007)


  • rbeaulnerbeaulne Member ✭
    I purchase this software to do all of my banking. I just renewed my mortgage and noticed that Quicken doesn't calculate or even offer the option for accelerated payments.
    Canadians should be getting this software at a discounted prices as we cannot do the same as our US neighbors.
    How many other features are not accurate for Canadians?
    Please have this issue moved back up to get looked at and fixed.
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