Should I enter a new mortgage account?

luv57chvys
luv57chvys Quicken Windows Subscription Member ✭✭
in Download, Add/Update Accounts (Windows)
My original mortgage was recently sold to another company which does not have auto download into Quicken. Since the loan # and other info is different, would it be smarter/easier for me to just create a new mortgage account so that I can manually enter the payment info? That would require disabling the original account, right?

Best Answers

  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    Answer ✓
    I suggest you convert the online loan account to an offline loan account. You may want to review: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    Answer ✓
    luv57chvys said:
    Okay, but due to an error on my part, my balance with prior company is $20,000 (more or less) higher than the balance that is showing with the new mortgage company. I believe it's due to me forgetting to change the interest rate when we did a refi in 2013. I was relying on the lender's website for up-to-date info instead of using Quicken as I do with other bills.
    If you've been entering incorrect payment transactions in the payment account, converting the loan isn't going to magically correct your entries.  You should either correct the entries (preferred) or adjust the loan's balance going forward.

Answers

  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    Answer ✓
    I suggest you convert the online loan account to an offline loan account. You may want to review: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc
  • luv57chvys
    luv57chvys Quicken Windows Subscription Member ✭✭
    Okay, but due to an error on my part, my balance with prior company is $20,000 (more or less) higher than the balance that is showing with the new mortgage company. I believe it's due to me forgetting to change the interest rate when we did a refi in 2013. I was relying on the lender's website for up-to-date info instead of using Quicken as I do with other bills.
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    Answer ✓
    luv57chvys said:
    Okay, but due to an error on my part, my balance with prior company is $20,000 (more or less) higher than the balance that is showing with the new mortgage company. I believe it's due to me forgetting to change the interest rate when we did a refi in 2013. I was relying on the lender's website for up-to-date info instead of using Quicken as I do with other bills.
    If you've been entering incorrect payment transactions in the payment account, converting the loan isn't going to magically correct your entries.  You should either correct the entries (preferred) or adjust the loan's balance going forward.
  • luv57chvys
    luv57chvys Quicken Windows Subscription Member ✭✭
    Thank you so much! I'll see if I can make the most of this information! When I started my mortgage in 2005, I really didn't spend much time dealing with it in Quicken; my thinking....a 30-year loan, what could possibly go wrong! Thanks again!
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