Refinancing a Home Loan

I have refinanced my mortgage (USAA/Nationstar). When I set up the new Property Loan it no longer allows me to split the loan. When I pull up the Loan Payment Details it no longer shows the account transactions so I cannot "pay off" the existing loan. I've tried several times following previous method described here, but nothing seems to help. Has anyone figured this out?
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Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    I suggest entering the split transaction in the payment account.
  • cjt70
    cjt70 Member
    I can't. It doesn't show the payment details and doesn't allow me to split. I don't understand why. I get all these options with the current mortgage loan account but they don't show up when I create a new mortgage loan.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    cjt70 said:
    I can't. It doesn't show the payment details and doesn't allow me to split. I don't understand why. I get all these options with the current mortgage loan account but they don't show up when I create a new mortgage loan.
    Yes, you can: open the payment account, press Ctrl + N and Ctrl + S

    I suspect you have chosen to use an online loan account.  If you prefer to use an offline loan account, you may want to review: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc

  • cjt70
    cjt70 Member
    It is a connected (online) account. Set up by going through the "Add Account" process under Property & Debt" menu. Are you saying I should do this manually to get it to work? That doesn't make sense. When I set the payment up, it does not allow me to split. So are you recommending that I manually change the split every payment? That seems like a horrible process. Can't I set it up to do this one time and apply to all payments? I've been a Quicken user for years and this seems like a step back in capabilities.
  • cjt70
    cjt70 Member
    The category in the payment is "Home:Mortgage" and I can not change it to split out the Pricipal, interest, escrow.
  • cjt70
    cjt70 Member
    There is no way to Split. It puts the entire payment into "Home:Mortgage". The CTRL+N and CTRL+S do absolutely nothing. I could manually split each payment, but I've never had to do this in the past and this was automatically calculated. This seems like a huge step back for Quicken capabilities.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    cjt70 said:
    It is a connected (online) account. Set up by going through the "Add Account" process under Property & Debt" menu. Are you saying I should do this manually to get it to work? That doesn't make sense. When I set the payment up, it does not allow me to split. So are you recommending that I manually change the split every payment? That seems like a horrible process. Can't I set it up to do this one time and apply to all payments? I've been a Quicken user for years and this seems like a step back in capabilities.
    No.  I explained that you should enter the split transaction that performs the "pay off" the existing loan in the payment accounts register.  You're regular payments should be entered using the loan's payment reminder or memorized payee.  For example, open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment

    An online loan account is a step back in functionality. 

    cjt70 said:
    The category in the payment is "Home:Mortgage" and I can not change it to split out the Pricipal, interest, escrow.
    There should be two at least categories in the payment.  
    cjt70 said:
    There is no way to Split. It puts the entire payment into "Home:Mortgage". The CTRL+N and CTRL+S do absolutely nothing. I could manually split each payment, but I've never had to do this in the past and this was automatically calculated. This seems like a huge step back for Quicken capabilities.
    When you open a payment account register, Ctrl + N should locate the cursor at a empty (new) transaction, and Ctrl + S should open a split transaction window.

    Are you sure you're using Quicken on Windows?
  • cjt70
    cjt70 Member
    Yes. I am using Quicken for Windows. I have never owned a Mac device. When I hit CTRL + Shift + N it brings up a single loan payment and not the payment. I can change each individual payment this way, but this is as you stated above a huge step back in functionality and would take an adjustment after each payment when I get each new statement. What a useless product. This also makes no sense since my old loan still has the ability to do this. It seems I would be better off to figure out a way to modify my old loan as opposed to use this new loan feature that has less functionality. What is Quicken thinking?

    My transactions only have one category...as noted above "Home:Mortgage". Nothing else. Nothing. Just one. "Home:Mortgage."

    Also, the Transaction Window doesn't appear for this loan. I don't know if it is because the only transaction is the opening balance or what. I was hoping to get this all set up before the first transaction but it seems like this is all a waste of time. I've spent mulitple hours trying to set this up and all I've figured out so far is that it has to be done manually.

    I am running the most current version of Quicken Premier (Release R 34.24 ).

    Appreciate your help, but it doesn't seem to be giving me any better resolution so far.

    Chris
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    cjt70 said:
    Yes. I am using Quicken for Windows. I have never owned a Mac device. When I hit CTRL + Shift + N it brings up a single loan payment and not the payment. I can change each individual payment this way, but this is as you stated above a huge step back in functionality and would take an adjustment after each payment when I get each new statement. What a useless product. This also makes no sense since my old loan still has the ability to do this. It seems I would be better off to figure out a way to modify my old loan as opposed to use this new loan feature that has less functionality. What is Quicken thinking?

    My transactions only have one category...as noted above "Home:Mortgage". Nothing else. Nothing. Just one. "Home:Mortgage."

    Also, the Transaction Window doesn't appear for this loan. I don't know if it is because the only transaction is the opening balance or what. I was hoping to get this all set up before the first transaction but it seems like this is all a waste of time. I've spent mulitple hours trying to set this up and all I've figured out so far is that it has to be done manually.

    I am running the most current version of Quicken Premier (Release R 34.24 ).

    Appreciate your help, but it doesn't seem to be giving me any better resolution so far.

    Chris
    If you are using Quicken on Windows, you should be able to create a split transaction in a payment account register by opening the account register, and pressing Ctrl + N and Ctrl + S so that you may enter the transaction that receives the new loan and pays off the existing loan.  

    If you are choosing to use the less functional online loan account to track the new loan, you shouldn't complain about the lack of functionality.   You should switch to using an offline loan account instead.
  • cjt70
    cjt70 Member
    Key word being "should" in your first paragraph it does not appear to do anything when I use the keys you have redundantly told me to use. It won't change if you keep telling me the same thing. On your second paragraph, why would it be acceptable for an online loan account have less functionality? A known degradation? I wasn't a fan when MS Money was discontinued and Quicken was the alternative. Seems like Quicken has gotten worse over the years not better. Not sure why you would defend this type of lack of capability.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited August 2021
    cjt70 said:
    Key word being "should" in your first paragraph it does not appear to do anything when I use the keys you have redundantly told me to use. It won't change if you keep telling me the same thing. On your second paragraph, why would it be acceptable for an online loan account have less functionality? A known degradation? I wasn't a fan when MS Money was discontinued and Quicken was the alternative. Seems like Quicken has gotten worse over the years not better. Not sure why you would defend this type of lack of capability.
    I suspect you are not opening the payment account register.   If you follow the instructions you were provided, the Quicken keyboard shortcuts should work: https://help.quicken.com/display/WIN/Tell+me+about+keyboard+shortcuts+in+Quicken

    It has been acceptable for an online loan account to have less functionality than an offline loan account since the online loan account was first introduced with Quicken 2013.  The idea was to simplify the tracking of the loan by having Quicken maintain the loan account entirely with information only obtained from the financial institution.  This is similar to the recently introduced Simple Investing.  Users give up the additional functionality for a perceived ease of use.

    Note:  I am not defending Quicken.  I am simply attempting to help other Quicken users.