Why is there still no Canadian mortgage support?!?
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TommyFM
Member ✭✭
Canadian home mortgages differ significantly from US ones, why can't Quicken add this functionality to their Canadian product instead of transposing the US amortization tables into the Canadian version? It's beyond frustrating that any financial planning done in Quicken involving Canadian mortgages generates inaccurate results (effect of early principal payments using the "what if" tool, etc.).
Canadian mortgages are amortized over a set period (typically 25 years), but interest terms are for a shorter period and are refinanced at the end of the term. Further, unlike US mortgages which use simple interest, interest is compounded semi-annually in Canada. This leads to dramatic differences in the payment amounts calculated by Quicken as compared to what you'll actually pay, and there is no way to correct the amortization table without manually overriding the scheduled payment amount (which in turn results in a plug to the principal portion of the payment, throwing everything off).
This is a pervasive issue which affects ALL Canadian Quicken users, unless there is a workaround which hasn't been publicized and of which I am not aware.
I've seen this issue raised in the past, but I've never seen a solution... any ideas? How do we escalate this and get it fixed? If I can do the amortization table calculations in a simple spreadsheet, I can't see any reason it can't be integrated into Quicken.
Using Quicken Deluxe (Canada) for Mac, under subscription.
Canadian mortgages are amortized over a set period (typically 25 years), but interest terms are for a shorter period and are refinanced at the end of the term. Further, unlike US mortgages which use simple interest, interest is compounded semi-annually in Canada. This leads to dramatic differences in the payment amounts calculated by Quicken as compared to what you'll actually pay, and there is no way to correct the amortization table without manually overriding the scheduled payment amount (which in turn results in a plug to the principal portion of the payment, throwing everything off).
This is a pervasive issue which affects ALL Canadian Quicken users, unless there is a workaround which hasn't been publicized and of which I am not aware.
I've seen this issue raised in the past, but I've never seen a solution... any ideas? How do we escalate this and get it fixed? If I can do the amortization table calculations in a simple spreadsheet, I can't see any reason it can't be integrated into Quicken.
Using Quicken Deluxe (Canada) for Mac, under subscription.
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Hello @TommyFM
Thank you for taking the time to visit the Community to post your question, although I apologize that Canadian mortgages are not supported at this time.
There is an ongoing Idea available here that you may add your vote to.
Ideas are periodically reviewed by the development team to see what people would like added to Quicken in the future.
Thank you,
-Quicken Tyka~~~***~~~1 -
This isn't just an "idea", this is a major product flaw. Requiring users to make suggestions to have your errors be fixed is odd, to say the least.
Would I like it if the product I've paid for worked in the way it was advertised? Yes, in fact I expect it to.2
This discussion has been closed.