We refinanced with our current lender and received extra cash out to replace our roof. What is the best way to update PC with our new mortgage amount? Should I close out the old loan and set up a new one? Or just adjust the amount of the current mortgage? I'm using version 12.
Old Loan Amount - $225,000.00
New Loan Amount - $260,000.00
Cash Received - $31,000.00
Refinancing Mortgage with Extra Cash
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Re: Refinancing Mortgage with Extra Cash
I would close out the old loan, and open a new one. This way you have a definite break, and anyone in future can see there are two separate loans involved.VHACCT wrote: ↑Mon Oct 11, 2021 9:59 pmWe refinanced with our current lender and received extra cash out to replace our roof. What is the best way to update PC with our new mortgage amount? Should I close out the old loan and set up a new one? Or just adjust the amount of the current mortgage? I'm using version 12.
Old Loan Amount - $225,000.00
New Loan Amount - $260,000.00
Cash Received - $31,000.00
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Refinancing Mortgage with Extra Cash
Thank you!
What's the proper way to record the entries? I am still fairly new to PC and was not around when the original setup was completed.
What's the proper way to record the entries? I am still fairly new to PC and was not around when the original setup was completed.
Re: Refinancing Mortgage with Extra Cash
Obviously you would take care of the old mortgage by making an entry showing the payoff, much as you would a normal payment. As far as setting up the second loan, this thread should help:
viewtopic.php?f=3&t=12258&p=39219&hilit=mortgage#p39219
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.