Falling mortgage rates, real estate appreciation, and other factors can make refinancing your mortgage a good idea. If you've already set up a Loan Account for your existing mortgage, Money can help you close your original mortgage and track the new mortgage using loan accounts. You can also model refinancing scenarios with the Loan Worksheet tool in Decision Center.

1  When you refinance your mortgage, typically you'll receive a check from your new mortgage to pay off the original mortgage. When you receive this check, go to the loan account you use for tracking your mortgage.

How?

1  On the navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click Accounts.

2  At the top of the left pane, click the down-arrow  , and then click the account you want.

2  Enter the mortgage check you receive as a deposit. The balance for your loan should now be zero.

3  On the navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click Accounts.

4  If you're not already in the Account Manager, click the Account Manager button in the upper-right corner of the screen.

5  Right-click the loan account, and then click Account is closed.

6  To set up your new mortgage, you'll need to create a new loan account.

How?

1  On the navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click Accounts.

2At the bottom of the screen, click New Account. When prompted, specify that you want to create a loan account. Follow the instructions on the screen.

To use the Loan Worksheet to see if refinancing is beneficial to you:

1  On the navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click Decision Center.

2  In the left pane, click Tools.

3  Click Loan Worksheet.

4  Read the introductory text, and then click the Initial Costs tab to enter the information for both your existing mortgage and the new one you're considering.

5  Click the Loan Terms tab to compare the loan terms for each mortgage. If you are choosing an adjustable rate mortgage (ARM), click the Variable Rate tab and enter your information.

6  Click the Comparison tab. Choose Refinance a Loan. Choose your existing mortgage loan, then follow the instructions on the screen.

---

How do I set up my new loan?

How do I use the Loan Worksheet?

Tell me more about loan reports.