Adjustable Rate Mortgage (ARM)
I am a new MD 2010 user. I have read the User Guide and understand how to set up a mortgage loan; however, I have not found a way to set up an Adjustable Rate Mortgage loan. How do I get the loan to properly ammortize when the interest rate changes? Would it be better to manually enter a split transaction, memorize it, and then make the adjustments when acknowledging the transaction? To make matters more difficult, I'm going into year 8 of the loan and the note has changed banks/servicing companies twice since it was originated (not my doing). Suggestions?
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1 Posted by Ben Spencer on 16 Jun, 2010 03:08 PM
With such a loan setup there really is no way for Moneydance to calculate the loan payments in the reminders. Moneydance does not have the functionality to handle ARM loans. I think the only reasonable way to do this in Moneydance would be to set up the loan with a fixed rate and as the reminders come up modify the amounts to match your loan statement before recording them.
I am sorry if this does not meet your needs.
Sincerely
Ben Spencer
Angie Rauscher closed this discussion on 24 Jul, 2011 07:54 PM.