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Mortgage Renewals and How to update.

Looking for input and ideas.
As our mortgage came due, we refinanced at a different rate and different amortization.
I don't want to loose the past history (interest/payments etc) so I don't want to close one loan and restart another in quicken.

I have found work arounds that seem to have accomplished this but it was pretty messy. Anyone have tips?

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    Since you have a new loan you really do need a new Account.  The old Account will contain the complete history of the old loan so you won't lose a thing.
    Create the new loan Account using the Quicken loan wizard.  The wizard will create an Opening balance entry for the new loan.  Assuming the opening balance is the same as the closing balance for the old loan you can edit that opening balance entry to make it a transfer from the old loan, zeroing out the old loan.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    Since you have a new loan you really do need a new Account.  The old Account will contain the complete history of the old loan so you won't lose a thing.
    Create the new loan Account using the Quicken loan wizard.  The wizard will create an Opening balance entry for the new loan.  Assuming the opening balance is the same as the closing balance for the old loan you can edit that opening balance entry to make it a transfer from the old loan, zeroing out the old loan.
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