How to track an Adjustable Rate Mortgage (ARM) loan from its inception date in Money (171710)


The information in this article applies to:

  • Microsoft Money 2007 Deluxe
  • Microsoft Money 2007 Home & Business
  • Microsoft Money 2007 Premium
  • Microsoft Money Deluxe 2006
  • Microsoft Money Premium 2006
  • Microsoft Money Small Business 2006
  • Microsoft Money Standard 2006
  • Microsoft Money 2005 Deluxe
  • Microsoft Money 2005 Premium
  • Microsoft Money 2005 Small Business
  • Microsoft Money 2005 Standard
  • Microsoft Money 2004 Deluxe
  • Microsoft Money 2004 Premium
  • Microsoft Money 2004 Small Business
  • Microsoft Money 2004 Standard
  • Microsoft Money 2003 Deluxe
  • Microsoft Money 2003 Standard
  • Microsoft Money 2002
  • Microsoft Money 2001
  • Microsoft Money 2000
  • Microsoft Money 99
  • Microsoft Money 98
  • Microsoft Money 98 Deluxe Edition
  • Microsoft Money 98 Financial Suite
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

Modification Type:MinorLast Reviewed:7/5/2006
Keywords:kberrmsg kbnofix kbprb KB171710
©2004 Microsoft Corporation. All rights reserved.