Refi

Sorry, but there's no built-in wizard for this ... because the variables are almost infinite, and few refi's are identical.

That said, if you describe your current loan, and the new loan, maybe we can provide some tips.

Sorry, but there's no built-in wizard for this ... because the variables are almost infinite, and few refi's are identical.

That said, if you describe your current loan, and the new loan, maybe we can provide some tips.

What, if anything, do you currently have set up in Q? And, tying the loan to the asset is optional ... and really has nothing to do with the refi.

As part of the refi, you'll receive a closing statement. Some figures on t hat statement are deductible as part of the old loan (e.g., interest from y our last payment to the date of the payoff). Some will be deductible as pa rt of the new loan (interest from the loan funding date until your first pa yment). Other items are expenses, some of which add to the basis of your property a nd some you just have to eat.

The bottom line is: 1) create the new loan in Q. If it's a traditional "mo nthly interest" mortgage, you can use the Q Loan Wizard to assist. DO NOT set up this new loan for download.

2) Use the proceeds from the new loan as a transfer to payoff the old loan. There will probably be some adjustments necessary if you have to put in e xtra funds, of if there's a small amount left over.

What, if anything, do you currently have set up in Q? And, tying the loan to the asset is optional ... and really has nothing to do with the refi.

As part of the refi, you'll receive a closing statement. Some figures on that statement are deductible as part of the old loan (e.g., interest from your last payment to the date of the payoff). Some will be deductible as part of the new loan (interest from the loan funding date until your first payment). Other items are expenses, some of which add to the basis of your property and some you just have to eat.

The bottom line is: 1) create the new loan in Q. If it's a traditional "monthly interest" mortgage, you can use the Q Loan Wizard to assist. DO NOT set up this new loan for download.

2) Use the proceeds from the new loan as a transfer to payoff the old loan. There will probably be some adjustments necessary if you have to put in extra funds, of if there's a small amount left over.

Q's loan wizard can only calculate monthly-interest loans ... NOT daily-int erest loans. The loan wizard sometimes calculates slightly differently (by a penny or so) than the lender does. If you need to make an adjustment to the memorized amounts, put it on the 3rd line of the split, and put any es crow payment on the 4th line. Q is kinda quirky about what's on what line in a mortgage split.

The reason for not downloading from into a loan account (except a HELOC, wh ich should be set up in Q as a credit card) is that you'll lose ALL ability to manage that loan ... only the downloaded principal amount will be able to post to a downloadable loan account.

You can still download the payment transaction from your checking account . .. that causes no issues. Just don't download into the loan acct itself.

"Scott W" wrote in news: snipped-for-privacy@earthlink.com:

My methodology has always been to set up an asset account to handle all transactions related to the refi. You could probably do this with clever assignments of categories, and use category reports, but I find it better for me to have an account to scroll through. All transactions are transfers and have memos here, either "POC" (paid outside of closing) or the hud-1 line item relating to the transaction. I set up the new loan just like any other amortizing loan. It's been a few years since my last refi, IIRC when Q sets up the loan it has an opening balance (credit), which I then edit to set it as a transfer (debit) to refi account.

scott s. .