Debt Consolidation Refinance

#3 08-25-2003, 09:29 PM

I think that's more trouble than it is worth and didn't do it on my recent
refi. I did put in notes to point to the relevant accounts. I also have this
one time income item that I did categorize that throws off things like
income reports for that month. If I'd left it unassigned, maybe that aspect
would have been better.

"Doug Thews" <dougthews[at]removeme.ddconsult.com> wrote in message
news:u9PqGC0aDHA.1204[at]TK2MSFTNGP12.phx.gbl...
- quote -

> Do you think the best way is to create a new loan with a zero principal,
> then do a principal transfer and reset the payment amounts?

#2 08-25-2003, 02:18 AM

Basically. The refi wizard is very limited--there are way too many
possibilities as to how this can go down. You obviously have to create a new
loan account. From the proceeds of that loan, you have to payoff the
existing two, which you can then close, and deal with all of the other
closing costs. The net of these transactions is cash in your hand--the
transactions can be put in the account you deposited the money into--that
you can then transfer to the other debt account(s) you are paying down. As
you note, this can be done with several transactions with lots of splits.

"Doug Thews" <dougthews[at]removeme.ddconsult.com> wrote in message
news:uaY4UtpaDHA.3248[at]tk2msftngp13.phx.gbl...
- quote -

> OK, so the wizard is pretty useless in this case? With debt consolidation
> loans being all the rage lately (with low interest rates), I would've
> thought there would be a better way to do it. So, basically, I create a
new
> loan and use Split to do transfers to different accounts?

#1 08-24-2003, 11:56 PM

OK, so the wizard is pretty useless in this case? With debt consolidation
loans being all the rage lately (with low interest rates), I would've
thought there would be a better way to do it. So, basically, I create a new
loan and use Split to do transfers to different accounts?

--
Doug Thews
Director, Customer Solutions
D&D Consulting Services
----------------
Visit my Tech Blog at:
http://www.ddconsult.com/blogs/illuminati/

"Dick Watson" <littlegreengecko[at]mindspring.com> wrote in message
news:u$hThgpaDHA.2932[at]tk2msftngp13.phx.gbl...
- quote -

> Read the FAQ answer on refinancing and extrapolate.
> (http://www.bollar.org/msmoney/#Q86) It's just more of the same. Multiple
> transactions will be involved no matter what you do since two loan payoffs
> are involved.
> "Doug Thews" <dougthews[at]removeme.ddconsult.com> wrote in message
> news:%23Da90NpaDHA.2632[at]TK2MSFTNGP12.phx.gbl...
> > I am doing a refinance/debt consolidation on a 1st/2nd mortgage current
in
> > Money, and getting money out to pay credit card debt. What's the best
way
> > to perform a refinance of both the 1st & 2nd at the same time, and then
> show
> > cash out to an account that will do a transfer of cash to my existing
> credit
> > card account for the payoff? There's not a lot of useful information in
> the
> > online Help (web or local) on this topic, but I'm sure it's a common
> > occurrence.

08-24-2003, 11:33 PM

Read the FAQ answer on refinancing and extrapolate.
(http://www.bollar.org/msmoney/#Q86) It's just more of the same. Multiple
transactions will be involved no matter what you do since two loan payoffs
are involved.

"Doug Thews" <dougthews[at]removeme.ddconsult.com> wrote in message
news:%23Da90NpaDHA.2632[at]TK2MSFTNGP12.phx.gbl...
- quote -

> I am doing a refinance/debt consolidation on a 1st/2nd mortgage current in
> Money, and getting money out to pay credit card debt. What's the best way
> to perform a refinance of both the 1st & 2nd at the same time, and then
show
> cash out to an account that will do a transfer of cash to my existing
credit
> card account for the payoff? There's not a lot of useful information in
the
> online Help (web or local) on this topic, but I'm sure it's a common
> occurrence.

#-1 08-24-2003, 11:00 PM

I am doing a refinance/debt consolidation on a 1st/2nd mortgage current in
Money, and getting money out to pay credit card debt. What's the best way
to perform a refinance of both the 1st & 2nd at the same time, and then show
cash out to an account that will do a transfer of cash to my existing credit
card account for the payoff? There's not a lot of useful information in the
online Help (web or local) on this topic, but I'm sure it's a common
occurrence.

--
Doug Thews
Director, Customer Solutions
D&D Consulting Services
----------------
Visit my Tech Blog at:
http://www.ddconsult.com/blogs/illuminati/

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