Updating interest rate / ARM loan

Question

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.

Quicken_Tyka · Answer

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

Dave Brandman · Answer

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

gooddog50 · Answer

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