Refinancing Mortgage with Extra Cash

[VHACCT]

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

[NeilZ]

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

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]

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.

[NeilZ]

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.

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