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Home loan see transactions?

keithhoward55

Hi Gang, Sorry for a noob question. I have added a home loan to my windows quicken. What I would like to know is how can I set it up so I can see all the payments in detail? Sort of like a checking or savings transaction history. I have a feeling it is something really simple and I am just overlooking how to set the view.

Keith

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Quicken Jasmine

Hello @keithhoward55,

Thank you for reaching out to the Quicken Community with this question.

Before I can further assist you, I require some more information. Which financial institution is your home loan with? What is the connection method with said financial institution?

I look forward to your response.

NotACPA

@keithhoward55, is this a traditional home loan, or a HELOC? Have you enabled the loan for download … which will prevent you from seeing transactions in that account?

WHY can't you see the payment transactions in your checking account?

skeleton567

@keithhoward55, for my home loan records I use four accounts:

My bank account from which i make the payments
A Property & Debt account for the mortgage balance
A Property & Debt aaccount for the escrow balance
A Property & Debt account for the asset value of the real estate.

Make the opening balance in the mortgage the current mortgage balance.

Make the opening balance in the escrow account your current escrow balance.

When you enter a mortgage payment in your bank account use the split feature to itemize the individual amounts for principal, interest, taxes, escrow, and use the transfer feature to make the transfers to the other accounts. My split looks like this:

[Stoneybrook Mortgage] -366.56 (traansfer to mortgage account)

Int Exp -183.12

[Stoneybrook Escrow] -260.00 ( transfer to escrow balance for taxes, insurance etc help by financial institution)

1620.22 (Quicken does this by itself)

Split total 810.24

Remainder 0.00

————

Transaction total 810.24

I like to keep the reporting pretty simple, so when payments are made I try to keep all the categories reportable under my main bank account, so when I record a payment for taxes, insurance, etc, I just record a transfer transaction from the escrow account back to the bank account to offset the payments from my bank. This also keeps a nice consistent balance for your mortgage debt and your escrow account with the lender.

I also keep an asset account for the real estate with a balance I can update when property valuations are changed by the taxing authority,etc

This seems to make my reporting nice as the expenses are in the bank account, the debt is in the mortgage account, and the real estate valuation is in the asset account. i don't ever worry about 'equity' in the RE as a seperate number.

Money for mortgage payments is transfered from an investment account monthly to the bank account a few days before I make the mortgage payment. ( And an aside comment, set this all up to make your mortgage payment ten days to two weeks EARLY every month and check out the amount of interest you save each month. It also makes your credit score better. ) Right now I have a mortgage at 2.75%, the interest writeoff, the Homestead real estate tax reduction due to having the mortgage, and the investment account return is above 5%. It' all automatic.

I think this works well for either a mortgage or HELOC, or both at the same time if you get it set up right. I've done it with several mortgages and HELOC's over the years.

I hope I kept this clear for you. If not, ask me for more info.