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Can Quicken Loan & Payment Terms be modified from a 30-year loan to a 15-year loan?

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?

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
This discussion has been closed.