Property and Debt: Primary residence with mortgage
I would like to add my home to the Property and Debt Section.
When I do the questions, one per page don't make much sense. No matter which way I enter them the infomation never adds up.
Question 1: How do you add a property with a mortgage loan to quicken?
The gui that pops up does not record the information correctly. The Property nor Debt is editable.
I ask these questions as adding the property only the purchase price shows in a register like page as the current value. That is a problem. Lets work with even numbers.
Purchase 340,000. Current Market 540,000. and say balence on MTG 175,000.
So far I have not been able to add a mortgage loan to the register. I have a Rocket Mortgage. Manually the loan is not able to associate with the property. If I create the property and use quick connect to Rocket, quicken connects, jumbles the property data and shows a loan but no information that resembles anything regarding my loan at Rocket.
Is there support for Quicken anywhere? Seems my property, even though my largest liability, does count as an asset. And the calculation of that is dependent on the Mortgage loan and value.
Is there a way to connect to Rocket and have the loan transactions in a register? Connecting does not work. Manually importing transactions Quicken does not understand a CSV file.
Please let me know if this is possible. And where to find the steps to complete the process. There are other threads here where users have stated success but in no way how.
Please as you respond be very specific when referring to Quicken with windows, Rocket Mortgage and Quicken Loans. I do not have a Quicken Loan. I have never done business with Quicken Loans as far as I can tell. I am trying to use the Quicken Application. I am not a cloud user.
Answers
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if it helps, Rocket Mortgage used to be known as Quicken Loans - the name was changed several years ago. Way back in the day (maybe 30 years ago) Quicken Loans and Quicken software were part of the same company.
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Yep.
In the loan section you can use Quicken loans with your Rocket login to connect. However, it returns only junk. Un-editable junk at that.
I'd settle for a manual setup of the information. Seems Quicken should be able to create the amortization. If you let it complete broken. A what-if tool appears. Kind of nice for guesstimating payments when purchasing a car or refi. I have a spreadsheet for it.
Property and MTG are just one more set of asset and liability not managed by Quicken. Since they added 'cloud' many features do not work. If you call support the responses are all from someone ESL. They read from a script telling you the feature works even though they are on a screen share watching it fail. I was hoping someone here in the community had figured it out.
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Did you try Tools > Add account > Other assets & Liabilities > Property and following the instructions?
That should lead you through setting up an asset account for the house and a loan account for the mortgage, with Reminders for the payments.
You can select Offline loan account to manage the mortgage manually, which is usually easier than trying to get the numbers to line up exactly with a downloaded mortgage, especially if you make additional principal payments and such.
QWin Premier subscription0 -
Actually, they were never part of the same company. Intuit licensed out the Quicken name … but not ownership.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Intuit licensed out the Quicken name … but not ownership.
Based on the small print at the bottom of this very page —
Quicken is a registered trademark of Rocket Mortgage, LLC, used under license.
which I interpret to mean Rocket Mortgage (previously Quicken Loans) bought and owns the Quicken name / trademark (but not the actual software) and now licenses that name usage to Quicken, Inc.
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I don't believe that it was an exclusive license … merely the right to use the Quicken name.
Quicken Inc still owns the software.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
@NotACPA - yes, they were the same company. this goes WAY back.
in 1999, Intuit, which at that time owned Quicken software, purchased a mortgage company called Rock Mortgage and changed its name to Quicken Loans. Then in 2002, the same management team that sold Rock Mortgage to Intuit bought it back and continues to call that mortgage company Quicken Loans. Then a few years ago, Quicken Loans changed it's legal name to Rocket Mortgage.
So Quicken loans /. Rocket mortgage had the right to use the Quicken name all those years via a liscense.
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The downloading of loan accounts was basically a "punt" on Intuit's part.
When people originally asked for the feature to download loan accounts, they envisioned that you would still use the loan wizard for the checking account/reminders to setup a special reminder that split out the payment and interest based on the loan schedule. And then the downloaded transaction in the loan account would just be to match that reminder/payment/net amount.
That didn't happen. Intuit saw that people were complaining about weird loan schedules not being in the loan wizards so they decided they would push the problem off to the loan company and Quicken would just "believe what the loan company sent". The reason for hiding the register is they had no way to reconcile and didn't want the user to add to the problem or complain for that matter.
So, what was in fact, one transaction per month which if the split was checked in the checking account that would have always been right in the first place and no real reason to reconcile it, we got "downloading of loan accounts" as it exists today.
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