Set Up a Home Equity Loan in Quicken
Quicken 2010 Deluxe offers an easy, user-friendly way to keep track of your home equity loan, make payments and prepare for federal and state income tax returns. Setting up a home equity loan account in this personal finance software package takes less than 10 minutes.
Instructions
1. Go to quicken.intuit.com to purchase a copy of Quicken 2010 Deluxe. Choose to download the software directly to your computer or request a CD-ROM. Install the program, setting up your basic account following the setup wizard instructions.
2. Look to the left sidebar called "Accounts." Select the button called "Add Account." It is at the bottom of the Accounts column.
3. Quicken takes you through a series of windows asking you for information you will find on your loan documents. Each window takes just a few pieces of data that drives the next data collection window. The software asks whether or not you make a balloon payment, whether or not this is a new home equity loan or an existing loan, the length of the loan, interest payments, etc.
4. After completing all the windows, Quicken offers a series of summary windows giving you an opportunity to correct any errors. If you don't have statements when you first set up your home equity loan account in Quicken, you can provide estimates until you receive the correct documentation. Quicken will allow you to make changes.
5. The Payment Details window signals the final stages of the setup. From these screens you can establish other accounts to track insurance payments, taxes and associated assets. You can set up the account to automatically pay the loan online or send you a reminder to write a check. After providing payment information, Quicken lists your home equity loan and your assets in the "Account" column and shows your scheduled payment on a calendar.
Tags: equity loan, home equity loan, your home, your home equity, 2010 Deluxe, Equity Loan, equity loan account
