Home equity line of credit


N

nnfm

How do you set up a home equity line of credit account in Quicken? I have
Quicken 2003 for the Mac.
 
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W

wps

nnfm said:
How do you set up a home equity line of credit account in Quicken? I have
Quicken 2003 for the Mac.
I have mine set up like a Credit card.
 
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H

Han

nnfm said:
How do you set up a home equity line of credit account in Quicken? I
have Quicken 2003 for the Mac.
I have mine set up as a loan/liability with my home as linked asset.

In Q2002 DL, US, it is not possible (AFAICT) to set payments
automatically, and have the interest and principal be calculated
automagically. I have entered a recurring automatic payment to occur
every other week (on the day of my paycheck deposit), and manually edit
the one where the the interest payment is diverted from. I use a
transfer to the liability account for the paying of principal, and a
separate category as home equity interest.

I also keep a spreadsheet in Excel to follow the balance. This always
is exactly like the bank reports, but for an occasional difference of
$0.01, which I fudge in the spreadsheet.

HTH
 

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