2nd mortgage what type of account should I use?

2nd mortgage what type of account should I use?

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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    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


                           Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
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  • albator159
    albator159 Member ✭✭
    I did a house and set value to 0.00 and a mortgage. Would that work?
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    @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


                           Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
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