Updating interest rate / ARM loan

MintUserNew

I just reached 5 years on my adjustable rate mortgage, and my interest rate went changed (thankfully down). How do I note this in Quicken, so it knows the correct amount of principle and interest? I have kept the same monthly payment, so I'm paying more in principal.

gooddog50

Hi MintUserNew
I found instructions in Help.Quicken discussing changes for interest rates. Take a look and see if this answers your question about making the change: https://help.quicken.com/pages/viewpage.action?pageId=3217569&exitMobile=true
Let us know if you need further help.

MintUserNew

Thank you. I found it and set it up. Let's see if the math work out in May!

gooddog50

Great, keep an eye on it and holler back if there's any problem. 

Dave Brandman

I'm in a similar situation - a 5/5 ARM adjusting effective 6/1/21. I went to the link posted above. Maybe, when I created this loan, I didn't create it as an ARM, but in the instructions, it says after going to Loan Details, to click on Adjustable-Rate Loans, but there is no such link on my screen. Running Quicken Deluxe R32.12

Dave

Quicken_Tyka

Hello @Dave Brandman

Thank you for taking the time to visit the Community to ask your question although, I apologize that you have not received a response.

I would first save a backup. I would then navigate to the loan account and choose "Edit Details." Are you then able to change the interest rate here?

Please let me know how it goes!

-Quicken Tyka