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Subject Author Date
House Refinance jhunter 01-28-2008
Posted by jhunter on January 28, 2008, 9:08 am
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 I use Quicken 2004 Deluxe

I just refinanced my house and want to enter this information in
Quicken correctly this time (since my current mortgages and property
are incorrect in Quicken at the moment).

Here's my questions...
1) How can I get rid of my old mortgages (I had two) and property in
Quicken without messing everything up?
2) How do I enter this refinance CORRECTLY?

Posted by Howard on January 30, 2008, 1:49 pm
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 On Jan 28, 9:08 am, jhun...@huntercomputerinc.com wrote:
> I use Quicken 2004 Deluxe
>
> I just refinanced my house and want to enter this information in
> Quicken correctly this time (since my current mortgages and property
> are incorrect in Quicken at the moment).
>
> Here's my questions...
> 1) How can I get rid of my old mortgages (I had two) and property in
> Quicken without messing everything up?
> 2) How do I enter this refinance CORRECTLY?

The key to this is the settlement sheet. You don't get rid of the two
mortgages you paid them off so the entries must match the settlement
sheet and come to zero. You will have to set up a new mortgage, an
account to track any points and fees you paid (tax savings?). You
also have to setup the new escrow account if you track it. Just take
it slow and follow the settlement sheet line by line. Remember that
your payoff figure for each mortgage includes the balance and the
interest to the day of settlement less any escrow they were holding.

Posted by jhunter on January 30, 2008, 4:50 pm
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I also actually still have my last house (which I haven't owned for 3
years) and it's mortgage still in Quicken as well. Do I have to go
back and find that settlement statement to close it out/get it out of
Quicken?

Posted by scott s. on January 31, 2008, 3:19 pm
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jhunter@huntercomputerinc.com wrote in news:b468753b-4b25-4b2e-bc49-
c0f6107d67f8@e4g2000hsg.googlegroups.com:

> I also actually still have my last house (which I haven't owned for 3
> years) and it's mortgage still in Quicken as well. Do I have to go
> back and find that settlement statement to close it out/get it out of
> Quicken?
>

I would. For convenience, I have created a separate asset account
called "settlement" to deal with each real estate transaction.
You could do it with classes/tags I suppose, but I find having a
single account, through which all funds flow, makes it easier for me.
For items on the HUD-1, I put the line number in the memo field so I
can always go back later. Don't forget to also account for things
paid for outside of escrow, such as a loan application fee. When you
are done, the balance in the old loan liability acct should be 0, the old
escrow acct (if you had one) 0, the settlement acct 0, the new loan should
be the amount on the note. sometimes it takes a while to get everything
sorted (the mortgage servicer sometimes takes a while to finally settle
the escrowed tax/insurance funds for example).

The hard part is figuring out exactly what should be a transfer, an
expense, or an income. Some one should go through a HUD-1 line by line
and do an example.

scott s.
.

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