How to set up an adjustable rate Mortgage Quicken Deluxe Mac

sarahrio

Is it possible to create an ARM loan in Quicken Deluxe Mac or modify a fixed loan to change the rate? I only see the option to set up mortgages as FIXED. My interest rate on my mortgage has changed but I can't update it by editing loan details. Do I have to trash the Fixed Rate loan I set up and go back to using a Liability account? (BTW I'm a Quicken user since 1993 currently on version 6.1.1 & am a finance professional).

sarahrio

Hi Tyka. This turned out to be a two-step process. When I ONLY changed the interest rate and clicked SAVE nothing happened. But, based on your assurance that this "works" I experimented and it turned out that I also also had to double-click on the "TOTAL" field for it to "read" the new Interest rate and update the monthly payment. Perhaps this hasn't been the case for everyone, but that's how I finally solved it. Thanks for your help!

Quicken_Tyka

Hello @sarahrio

Thank you for taking the time to share the details of your experience and feedback with the Community, although I apologize that you have not yet received a response.

In reviewing the loan details of my loan account, I do see the drop-down for "Fixed" cannot be edited. However, I was able to change the interest rate. This changed the loan details but did not affect the previous transaction history.

Does updating the interest rate give you the information you need? Please let me know!

-Quicken Tyka

sarahrio

Hi Tyka. This turned out to be a two-step process. When I ONLY changed the interest rate and clicked SAVE nothing happened. But, based on your assurance that this "works" I experimented and it turned out that I also also had to double-click on the "TOTAL" field for it to "read" the new Interest rate and update the monthly payment. Perhaps this hasn't been the case for everyone, but that's how I finally solved it. Thanks for your help!