This is how to enter a mortgage on an investment property in QuickBooks.
If you are a landlord or property manager with QuickBooks, you will need to know how to track a mortgage on one of your properties.
If you are Refinancing an Existing Property
You can create a journal entry, or make a deposit to reflect the impact on your balance sheet.
If you are Closing on a Property and Entering the HUD-1
Capture all the details from the HUD-1. You may want to work with an advisor to help you make sure everything is correct. You can create a journal entry here as well.
More about the HUD-1, via Wikipedia
The HUD-1 Settlement Statement is a standard form in use in the US which is used to itemize services and fees charged to the borrower by the lender or broker when applying for a loan for the purpose of purchasing or refinancing real estate. HUD refers to the Department of Housing and Urban Development.
The borrower has the right to inspect the HUD-1 one day prior to day of settlement. The form is filled out by the settlement agent who will conduct the settlement.
Since 2010, the HUD-1 settlement statement also contains what is referred to as a Good Faith Estimate or GFE. This additional set of figures specifies estimated settlement figures provided by the lender upon application of the loan.
Borrowers may compare their Good Faith Estimate to the HUD-1 Settlement Statement and ask their lender or broker about any changes.
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