Opening balance is missing when setting up new mortgage account for a refinance

We refinanced our mortgage last month. We set up the new mortgage account with the new loan details and new amount. When I go to the new mortgage account, "payment details", there is no opening balance or register display to transfer the old mortgage account into the new mortgage account. (I'm trying to follow the instructions for setting up a refinance mortgage). I'm stuck on "Click on the Opening Balance transaction category field...", step The rest of the new loan details are correct. Any thoughts are appreciated. - Quicken 2021 Premier Windows R32.12

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited May 16 Accepted Answer
    "We refinanced our mortgage last month. We set up the new mortgage account with the new loan details and new amount. When I go to the new mortgage account, 'payment details', there is no opening balance or register display to transfer the old mortgage account into the new mortgage account. (I'm trying to follow the instructions for setting up a refinance mortgage)."
    With a "downloading" loan - and that's the type of Account you set up, not a "manual" loan - you have no loan register, you can't do anything to affect the balance in that Account, because all information is sent to you by the loan servicer.
    The frequent recommendation in here is to set up your mortgage as a manual loan.   There just doesn't seem to be much to gain by going the downloading route.  You can't change anything in a downloading Account and it's not uncommon the the information you're receiving is not entirely correct.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited May 16 Accepted Answer
    "We refinanced our mortgage last month. We set up the new mortgage account with the new loan details and new amount. When I go to the new mortgage account, 'payment details', there is no opening balance or register display to transfer the old mortgage account into the new mortgage account. (I'm trying to follow the instructions for setting up a refinance mortgage)."
    With a "downloading" loan - and that's the type of Account you set up, not a "manual" loan - you have no loan register, you can't do anything to affect the balance in that Account, because all information is sent to you by the loan servicer.
    The frequent recommendation in here is to set up your mortgage as a manual loan.   There just doesn't seem to be much to gain by going the downloading route.  You can't change anything in a downloading Account and it's not uncommon the the information you're receiving is not entirely correct.
  • Bvsmithnh
    Bvsmithnh Member
    Thank you. I deleted the new loan account, and set it up as manual loan. This resolved the issue and is working as expected. Thank you for the advice.
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