Article ID: 171710
Article Last Modified on 1/20/2007
APPLIES TO
- Microsoft Money 2007 Deluxe
- Microsoft Money 2007 Home & Business
- Microsoft Money 2007 Premium
- Microsoft Money 2006 Deluxe
- Microsoft Money 2006 Premium
- Microsoft Money 2006 Small Business
- Microsoft Money 2006 Standard
- Microsoft Money 2005 Deluxe Edition
- Microsoft Money 2005 Premium Edition
- Microsoft Money 2005 Small Business Edition
- Microsoft Money 2005 Standard Edition
- Microsoft Money 2004 Deluxe Edition
- Microsoft Money 2004 Premium Edition
- Microsoft Money 2004 Small Business Edition
- Microsoft Money 2004 Standard Edition
- Microsoft Money 2003 Deluxe Edition
- Microsoft Money 2003 Standard Edition
- Microsoft Money 2002 Standard Edition
- Microsoft Money 2001 Standard Edition
- Microsoft Money 2000 Standard Edition
- Microsoft Money 99 Standard Edition
- Microsoft Money 98 Standard Edition
- Microsoft Money 98 Deluxe Edition
- Microsoft Money 98 Financial Suite Edition
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:
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:
- Create a fixed rate loan by using the New Account Wizard. Use the starting date of the loan.
- 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.
- Click Update Interest Rate. Enter the Effective Date of the first rate change, and then click Next.
- Click Adjustable Rate Loan (ARM), and then click Next.
- Enter the date of the first interest rate change and the period between adjustments. Click Next.
- Enter the new Principal + Interest payment or leave it blank and Money will calculate it. Click Next.
- Enter the new interest rate, and then click Next. Money calculates the payment. If it is correct, click OK.
- 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
Additional query words: 6.0 w_money hat loans ARL
Keywords: kberrmsg kbfaq kbnofix kbprb KB171710
