When will Quicken create Heloc accounts properly?
To a moderator:
I've read a lot about Quicken's recommendation about setting up a Heloc loan as a credit card. This is not ideal because you miss the best portion of a loan setup, which is the loan trajectory and "What If" scenarios. When will Quicken update this area to properly align a Heloc as a variable loan with the loan calculator benefits?
Using: Mac Deluxe version
Answers
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But a HEELOC, with it's variable payments CAN'T use the loan calculator … because the payment stream (unlike a traditional loan) isn't determined in advance.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I understand the current limitation, which brings me to ask the question about fixing this issue for Helocs. For example, an automatic recalculation of the loan details upon a withdrawal, payment, or change in rate would allow it to remain a loan. Just a thought as one idea. Not trying to push any ideas, I’m sure the good people at Quicken can come up with better solutions.
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