Mortgage Accounts - Not Updating Principle Balance

Hi! Hope you guys can help me. I just bought Quicken this morning and I've spent most of the day linking all my accounts and bills. Some things I'm doing manually.

I own two homes, both with mortgages and while I was able to properly link the accounts, the mortgages do not currently show as having any of the principle paid off. It still shows the current amount as being the initial purchase price. Any idea what I need to do? Not sure why it's not updating. One of the homes I've since paid off about $80k of mortgage principle, and the other only about $10k. Thank you!

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    I suggest you set up a manual loan account for your mortgages: select Tools > Add Account...+ Offline AccountLoanMortgage from the Loan type pull-down menu, ...

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    I suggest you set up a manual loan account for your mortgages: select Tools > Add Account...+ Offline AccountLoanMortgage from the Loan type pull-down menu, ...
  • MartyM
    MartyM Member
    I'd love an answer to this as well...why give an option to connect to online banking if the account needs to be manual? Does the online banking for mortgages not work?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    MartyM said:
    I'd love an answer to this as well...why give an option to connect to online banking if the account needs to be manual? Does the online banking for mortgages not work?
    The online loan functionality uses the unreliable Express Web Connect connection method, limits the loan account functionality, and provide no real benefit.  Generally, a mortgage payment is a once a month event.  The regular loan payment may be easily entered using the loan payment reminder or memorized payee. 

    As to why, we can only speculate.  I suspect someone thought it might be simpler to hide the loan details from users but, as originally implemented and even with the recent patches, I think it was one of those bad ideas that some users got hooked on.  But of course, online must be better than offline.  Except when it isn't.