Downloading a new mortgage account will not match up to an account in quicken

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Donnie1972
Donnie1972 Member ✭
edited December 2020 in All Things Canadian (Windows)
Hey folks,

I just got a new mortgage and I am trying to download the information from my credit union (VanCity) in BC

When I first downloaded the information quicken asked me if I wanted to make a new quicken account or link it to an existing account. I first selected make a new account, but the only options it would give me was Savings or Chequing account. There was no mortgage account option. I declined to make the account.

I then made a quicken mortgage account, and tried to redownload the mortgage information from the credit uniion. This time I selected the link to an existing account. However, the drop down menu would not list the mortgage account that I had created. It only listed savings and chequing acocunts.

Can anyone help me with this? How do you download your mortgage information into quicken? How can I link this new account to my quicken mortgage account?

Best Answer

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Answer ✓
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    Hello @Donnie1972

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a response.

    First, there is no way to connect an existing loan account to your financial institution.  You will need to add that loan into Quicken again as a connected account. 

    You may consider contacting the financial institution directly to confirm whether loan/mortgage accounts are supported for transaction download. However, the account not being presented when adding accounts is a good indication that this is not supported.

    If that is the case, I would consider tracking the loan manually. To learn more, please see the information available here.

    Please let us know if you have any additional questions or concerns that we may assist with.

    Thank you,
    -Quicken Tyka
    ~~~***~~~

Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Answer ✓
    Options
    Hello @Donnie1972

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a response.

    First, there is no way to connect an existing loan account to your financial institution.  You will need to add that loan into Quicken again as a connected account. 

    You may consider contacting the financial institution directly to confirm whether loan/mortgage accounts are supported for transaction download. However, the account not being presented when adding accounts is a good indication that this is not supported.

    If that is the case, I would consider tracking the loan manually. To learn more, please see the information available here.

    Please let us know if you have any additional questions or concerns that we may assist with.

    Thank you,
    -Quicken Tyka
    ~~~***~~~
  • Donnie1972
    Donnie1972 Member ✭
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    Thank you for your response. So my understanding is that the issue is on the en of my credit union. I will reach out to them. I do take note that my original mortgage is tracked as a normal bank account. However, as a normal bank account it does have all the features that the mortgage account has.

    If I choose to track it manually, then I need to deal with the issues around the having to decline accepting a new account each time I download my transactions.

    Don
  • Fessel
    Fessel Member ✭
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    @Donnie1972 I am a new quicken user , and when I was connecting my accounts to CIBC, the mortgage account never appeared. Maybe it depends on how I started adding the accounts, i.e. started adding a checking account. I don't remember seeing an option for a mortgage account. So the way it worked was that I had to set up a property first, and then add a loan account related to the property during the set up. It was a manual process. I provided the mortgage rate, the starting balance, the amortization in months in the Term field and quicken then provided the same remaining balance and monthly payment ( accurate to the cents) as was showing in my mortgage bank account. This allows me to see my mortgage and amortization information. It replicates the calculation so accurately that I do not need to download anything from the bank. I wonder if this is the only way to track a mortgage, I.e. without downloading anything from the bank. It also gives me option to add other payments, charges or additional payments etc. These are my 2 cents. I got an option to link that mortgage to the property for calculating the net worth etc.
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