How to recast a mortgage loan in Quicken?
A few years ago, someone asked how to recast a loan in Quicken. The basic answer proposed at that time seemed to be to create a new loan and close the old one. That discussion is now closed.
I just had to recast a mortgage and it was way easier than I thought. All I did was change the P&I monthly payment within the "Loan Payment" pop-up after pushing the "Edit Terms" button on the Loan Details page of the account. DO NOT PUSH THE "Recalculate" POPUP BUTTON. I just pushed "OK" and Quicken recalculated the loan payments for the remainder of the original 30 year term. I have only processed one new payment since the recast, so it remains to be seen how close Quicken actually came with the payment recalculation. I expect it to be very close if not exact.
This was on a Windows 10 PC running Quicken Deluxe version R56.9 Build 27.1.56.9
Comments
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What do you mean by "recast"? What changed in the loan terms?
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I've never heard the term "recast" as it pertains to a mortgage loan, either. Perhaps you're speaking of a refinance? If so, that's really a new loan and I would set up (and have many times) a new loan account with the new terms.
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Recast is usually available for jumbo mortgages that are not sold to a secondary market. For such mortgage, you can add an additional principal amount to recalc the loan payments without having to refinance the mortgage.
It is not the same as a refinance and limited to a select group of mortgages.
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