Knowledge Base

How to track an Adjustable Rate Mortgage (ARM) loan from its inception date in Money

Article ID: 171710

Article Last Modified on 1/20/2007

APPLIES TO

This article was previously published under Q171710

SYMPTOMS

In Microsoft Money, you can create Adjustable Rate Mortgage (ARM) loans. When you create an ARM, the New Account Wizard asks for the date of the first payment this year. If you enter a date that is before January 1 of the current year, you receive the following error message:
Please enter a date on or after January 1st of this year.

CAUSE

You cannot create an Adjustable Rate Mortgage (ARM) with a starting date that is before the current year. This is by design.

WORKAROUND

Create a fixed rate loan with the original date, interest rate, and balance of the mortgage loan. Then, edit the loan to update the interest rate and change the loan to an Adjustable Rate Mortgage.

MORE INFORMATION

To create an ARM by using a start date that is before January 1 of the current year, follow these steps:
  1. Create a fixed rate loan by using the New Account Wizard. Use the starting date of the loan.
  2. After you create a fixed rate loan, right-click the loan in the Accounts area, and then click Go To Details.

    In earlier versions of Money, right-click the loan in the Accounts area, and then click Details.
  3. Click Update Interest Rate. Enter the Effective Date of the first rate change, and then click Next.
  4. Click Adjustable Rate Loan (ARM), and then click Next.
  5. Enter the date of the first interest rate change and the period between adjustments. Click Next.
  6. Enter the new Principal + Interest payment or leave it blank and Money will calculate it. Click Next.
  7. Enter the new interest rate, and then click Next. Money calculates the payment. If it is correct, click OK.
  8. Click Finish.
For more information, click the following article number to view the article in the Microsoft Knowledge Base:

138111 How to change loan information in Money


Additional query words: 6.0 w_money hat loans ARL

Keywords: kberrmsg kbfaq kbnofix kbprb KB171710


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