Mortgage balance does not update when online updated though payment date does

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Thomas Eckle
Thomas Eckle Member ✭
in Download, Add/Update Accounts (Windows)
:/ Chase Bank

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  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited April 2021
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    For whatever it's worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here)

    An online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder in your checking account cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    • Effective with Quicken Windows 2018+
      you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

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