House Refinance

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.

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?

snipped-for-privacy@huntercomputerinc.com wrote in news:b468753b-4b25-4b2e-bc49- snipped-for-privacy@e4g2000hsg.googlegroups.com:

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. .