How should mortgage payments work? (Q Mac)

I am using Quicken for Mac and it just updated to Version 5.12.3 (Build 512.29258.100) this morning.

I need some help understanding how mortgage payments should work. I have a Wells Fargo mortgage paid from a Wells Fargo checking account. The checking will download transactions, there appears to be no download support for mortgages. I have recreated the 8 year old loan and it's payment terms in Quicken and turned on bill reminders and selected the checking account as the location. I don't use Quicken for Bill Pay at all though. I get reminders for the correct amount in my checking account but I also get a downloaded transaction for it.

Neither of those transactions show the proper split of principal versus interest though. And accepting or marking paid either transaction does not cause a transfer to the mortgage or a reduction in the principal. I would be fine to accept the bill reminder and delete the downloaded transaction if it would adjust the mortgage properly.

Back in 2013, this used to work fine and it would even match the transactions in the checking account. Today, I can't even get the mortgage to be adjusted.

What should I be doing to ensure that this monthly bill ends up as a transfer or transaction in the mortgage account?

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Answers

  • Keith HollemanKeith Holleman Member ✭✭
    Wow, thanks for the info. I swore I tried this a while ago and it didn't work but who knows. I just did it now and that worked. Hopefully now I can turn off bill pay and the transactrions will just download into both my checking and mortgage accounts. Definitely already seeing transactions in the mortgage.

    Thanks again for the tip.
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