Can Quicken Loan & Payment Terms be modified from a 30-year loan to a 15-year loan?

FinanceBob
FinanceBob Quicken Mac Subscription Member
edited May 2021 in Download, Add/Update Accounts (Windows)
I am part way through a 30-year mortgage and have just negotiated what's called a modified loan. This takes the unpaid principal and moves it into a 15-year mortgage at a lower interest rate. Can I adjust Quicken Loan and Payment Terms or is it best to close the original 30-year loan and start a new 15-year loan?

Best Answer

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    I'd create a new loan with the 15 yr term, and the initial entry in that new loan account would be a transfer to the 30 yr loan to pay it off.
    I.E., I'd treat this exactly the same as any other Refi, which this transaction actually is.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    I'd create a new loan with the 15 yr term, and the initial entry in that new loan account would be a transfer to the 30 yr loan to pay it off.
    I.E., I'd treat this exactly the same as any other Refi, which this transaction actually is.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

This discussion has been closed.

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