How do I setup a new Mortgage Account with a refi

How would I setup a new mortgage account for a refinance. I am trying to record the old mortgage as paid. For the new I had a cash pay out plus paid some debt off. How do I record this? I can set up the new mortgage account. But do not know how to get the other data recorded. EG would be pay off old mtge, pay off Credit Card, cash in, fees etc

Thanks for your time!

Best Answer

  • ellyenne
    ellyenne Member ✭✭
    Accepted Answer
    I always set up a new account when I re-fi'd a Mortgage. I'm assuming you autopay the mortgage from a checking account? I set up a transaction in that checking account with all the Escrow details so that I could categorize them correctly. In that split, I transferred the payoff amount to zero the old loan, and the new balance to the new loan.
    If you had extra money used to pay off a credit card, it can be transferred as well (if it's in Quicken). I've attached a screen shot of my last re-fi, including the fudge factor & the interest I paid that somehow didn't get applied to either loan.
    Read your escrow carefully - there are taxes you paid that you get credit for on your taxes!

Answers

  • ellyenne
    ellyenne Member ✭✭
    Accepted Answer
    I always set up a new account when I re-fi'd a Mortgage. I'm assuming you autopay the mortgage from a checking account? I set up a transaction in that checking account with all the Escrow details so that I could categorize them correctly. In that split, I transferred the payoff amount to zero the old loan, and the new balance to the new loan.
    If you had extra money used to pay off a credit card, it can be transferred as well (if it's in Quicken). I've attached a screen shot of my last re-fi, including the fudge factor & the interest I paid that somehow didn't get applied to either loan.
    Read your escrow carefully - there are taxes you paid that you get credit for on your taxes!
  • Paul Gerardi
    Paul Gerardi Member ✭✭
    Thank you so much!

    That is exactly what I needed.
  • Paul Gerardi
    Paul Gerardi Member ✭✭
    For your screenshot, was that an entry from checking acct? Im thinking I might have to do that through the cash account since it will never hit the checking. I understand what you mean by setting up the auto through the checking.
  • ellyenne
    ellyenne Member ✭✭
    I auto pay through the checking account, so that was a convenient place to do the split. The loan register might also work (I'm not at my computer to check).
    You can still use your checking account, and just end up with a zero balance for the transaction. Or, if you paid off a credit card, split it there...
  • Paul Gerardi
    Paul Gerardi Member ✭✭
    Thanks!
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