Mortgage RefinanceClosed

That is weird, because I don't see the loan interest calculated, which if you have a payment date in the future at all, it will do so. Can you manually change it to 11/1/2020 and see the interest calculation? Also is your compound period really monthly? Usually it's daily, that shouldn't make a difference but you never know, changing some value might snap it out of the the error.

When I input the correct first payment of 11/1, the interest will populate correctly and it matches my mortgage payment. After I save the transaction, and come back to this screen the date is changed to 10/1 adding the error and the interest is gone.

Hello @bzargarcia

Thank you for the additional details, I had one more question as you mention entering transactions for the loan by hand.

Do you have a Bill Reminder set up for this loan? If not, I would correct the loan details to reflect the correct starting date and set up a Bill Reminder in lieu of entering the transaction by hand.

Try going to "Edit Loan Details" in the loan account then navigate to "Bill Reminder."



Then choose the Pay from account and "Detailed Reminder." When finished choose "Save."

Please let me know how it goes!
-Quicken Tyka

Tyka,

The bill reminder is set up correctly when I save the bill and loan information. When I come back and see the new error message, the loan reminder info is removed.

Hello @bzargarcia

Thank you for reaching out on the community and telling us about your issue. At this point-- I do recommend contacting Quicken Support via chat or phone and sharing your screen with one of our support reps, if you feel comfortable doing so, to have the matter looked at and hopefully fixed promptly. I'll also list our hours down below so you can find a time that works best for you.

Thanks,
Quicken Francisco

Quicken Phone Support Current Hours of Operation:

Monday through Friday

5:00 am to 5:00 pm PDT

 

Quicken Chat Support Current Hours of Operation:

Monday through Sunday

5:00 am to 5:00 pm PDT

NotACPA said:

@Zoolook

Mortgage loans are typically "Monthly Interest".  Which is why the amortization schedule can be calculated at the beginning of the loan.  Assuming that all payments are made in a timely manner, it doesn't matter if the payment is actually made on the 1st ... because if it's made on the 2nd (or any other time within the Grace Period), it won't impact the calculation for next month's amortization.

I'm having the same experience as @bzargarcia. I refinanced last month and set up the new loan with all closing fees, points and interest expenses itemized as splits in the Opening Balance transaction, as well as the transfer to the old mortgage account of the amount of the payoff for the old mortgage.

After my first payment posted and I updated my account, Quicken for Mac 2020 retained all the expense line items, but erased the categories and showed them all as "Adjustments." In a brief support call, I was told that this was a "feature" of the auto-update. (My new mortgage is through Quicken Loans (separate company, but supported by Quicken software.)

Surely, Quicken must be working on a solution to address a refinance in the current interest-rate climate. (Hopeful thinking here.)

And in the meanwhile, surely some bright Quicken-Mac user has come up with an elegant work-around for addressing this issue until Quicken releases and documents a fully functional refinance process.

I've included a screen shot.

@Bob@63 Had you entered the transaction in your register yet? I think if you enter the transaction first, and then download, Quicken will match the appropriate categories. If you don't have the transaction entered yet with the appropriate categories, the program just makes a guess and uses default categories.

It is for this reason that I always enter my scheduled transactions first.