Entering Refinance Mortgage Loan and paying off old loan
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ATL-Paul
Member ✭
Good morning. I just refinanced. I followed these instructions (https://www.quicken.com/support/how-do-i-track-refinanced-loan) to set up the new loan and then set up a transfer to pay off the original mortgage loan.
However, when I do so, I get roughly the double of my new loan (old loan PLUS new loan) - meaning my new balance and monthly payment shows the proper amount because the loan was entered correctly, but then the remaining balance at end of 20 years is my old loan.
If I set one of the loans to be the inverse, then I get the equal of my closing costs.
Can a skilled commentator explain what I am missing? I am trying to set the old loan/New loan/closing interest and bank fees (closing costs) inside of the split view but cannot figure what I am doing wrong. Thank you in advance.
However, when I do so, I get roughly the double of my new loan (old loan PLUS new loan) - meaning my new balance and monthly payment shows the proper amount because the loan was entered correctly, but then the remaining balance at end of 20 years is my old loan.
If I set one of the loans to be the inverse, then I get the equal of my closing costs.
Can a skilled commentator explain what I am missing? I am trying to set the old loan/New loan/closing interest and bank fees (closing costs) inside of the split view but cannot figure what I am doing wrong. Thank you in advance.
0
Answers
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You should not be setting the New loan inside the split view.0
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