Variable Rate Mortgages - Track the Prime Rate
justmakeitwork
Member ✭✭
Hello, I would like to see enhancements to tracking variable rate mortgages.
1) Add ability to download or enter a Prime Rate
2) Add ability for variable rate mortgages to be based on the Prime Rate. Prime - x%, where you enter the x value in the variable mortgage. e.g. P-0.42%
The Prime Rate should be tracked in one place, similar to a security. Variable rate mortgages can then have their interest rates based on the Prime Rate. I track 15 mortgages/loans that are based on a variable rate and having to enter them each is painful.
The Bank of Canada posts the Prime Rate and it could easily be downloaded. I am sure there is a US and UK equivalent. I know some banks could have an adjusted Prime Rate so having the ability to manually override and enter interest rates yourself would be helpful. Similar to how you can download and override security prices.
1) Add ability to download or enter a Prime Rate
2) Add ability for variable rate mortgages to be based on the Prime Rate. Prime - x%, where you enter the x value in the variable mortgage. e.g. P-0.42%
The Prime Rate should be tracked in one place, similar to a security. Variable rate mortgages can then have their interest rates based on the Prime Rate. I track 15 mortgages/loans that are based on a variable rate and having to enter them each is painful.
The Bank of Canada posts the Prime Rate and it could easily be downloaded. I am sure there is a US and UK equivalent. I know some banks could have an adjusted Prime Rate so having the ability to manually override and enter interest rates yourself would be helpful. Similar to how you can download and override security prices.
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Comments
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Many credit cards also base their interest rates on the Prime Rate.Quicken user since 1995.
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