Updating interest rate / ARM loan

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.

Answers

  • gooddog50
    gooddog50 Member ✭✭✭✭
    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.

    Quicken since Andrew Tobias "Managing Your Money" V-12 (DOS)
    Windows 10 Pro 64 Bit, Core i7 
    Quicken Premier
  • MintUserNew
    MintUserNew Member ✭✭
    Thank you. I found it and set it up. Let's see if the math work out in May!
  • gooddog50
    gooddog50 Member ✭✭✭✭
    Great, keep an eye on it and holler back if there's any problem. 
    Quicken since Andrew Tobias "Managing Your Money" V-12 (DOS)
    Windows 10 Pro 64 Bit, Core i7 
    Quicken Premier
  • Dave Brandman
    Dave Brandman Member ✭✭
    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
    Quicken_Tyka Alumni ✭✭✭✭
    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
    ~~~***~~~
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