2nd mortgage what type of account should I use?

albator159

2nd mortgage what type of account should I use?

Frankx

Hi @albator159,

A second mortgage is simply another mortgage on a property, where the lender has presumably less security in the loan than the primary lender.  However in Quicken you should record it as a mortgage.  For your own purposes in Quicken you can include "(Second Mortgage)" in the account title.

Let me know of you have any followups.

Frankx

albator159

I did a house and set value to 0.00 and a mortgage. Would that work?

Frankx

@albator159,

Presumably, yes that would work.  But there isn't a requirement, in Quicken, that a mortgage loan be associated with a house or any asset.  Quicken has a "routine" that users (especially new users of Quicken) can use that will take you down that path, but you can setup a loan at any time without also entering an asset (in this case a "house").

The easier route is as follows:

1) Click on "Tools" > "Add Account"
2) In the "Property &Debt section of the pop-up > Click "Loan"
3) Then either: 
      a) Enter the name of your Loan Provider - and follow the next steps,  OR
      b) Click the "manual loan account" at the bottom of the pop-up
4) Continue through the process.

Frankx