Mortgage Refinance

bzargarcia

I just finished a mortgage refinance this week and Quicken for Mac seems to be having trouble with the transaction.

1) when I enter my first payment of 11/1, and my next payment of 11/1, Quicken updates and saves the transaction. But when you return to the loan and payment term screen, Quicken displays the following error and changes the Next Payment date to 10/1

2) After setting up the split for the banking fees and transfer to the previous mortgage, and saving. Going back to the transaction later changes everything back to "Adjustment". None of the transaction data is saved.

Anybody have any experience with this? Screen shots included

Zoolook

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.

NotACPA

@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.

It's Auto Loans, Personal Loans, Boat Loans, etc that are typically "Daily Interest".

bzargarcia

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.

Quicken_Tyka

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

bzargarcia

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.

Quicken Francisco

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

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Zoolook

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.

OK well I didn't know that. I'm from the UK and interest there is calculated daily. I've just changed the compounding period on my mortgage here to monthly, and the interest amount does look more accurate (I was having to adjust it before) so thanks for that.

Bob@63

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.

John_M

@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.