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Quicken Classic for Windows
Download, Add/Update Accounts (Windows)
Can Quicken Loan & Payment Terms be modified from a 30-year loan to a 15-year loan?
FinanceBob
I am part way through a 30-year mortgage and have just negotiated what's called a modified loan. This takes the unpaid principal and moves it into a 15-year mortgage at a lower interest rate. Can I adjust Quicken Loan and Payment Terms or is it best to close the original 30-year loan and start a new 15-year loan?
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NotACPA
I'd create a new loan with the 15 yr term, and the initial entry in that new loan account would be a transfer to the 30 yr loan to pay it off.
I.E., I'd treat this exactly the same as any other Refi, which this transaction actually is.
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NotACPA
I'd create a new loan with the 15 yr term, and the initial entry in that new loan account would be a transfer to the 30 yr loan to pay it off.
I.E., I'd treat this exactly the same as any other Refi, which this transaction actually is.
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