I’m just getting started with Stessa to manage a few properties that I have owned for several years.
Through the articles on the site, I have been able to log my last 12 months of principal, interest, and escrow splits, and I can use the escrow account to pay my property tax and insurance. So far I have figured that out.
But how can I use the system to track my loan principal balance as well as my escrow account balance?
One property, for example, I bought in March 2011 and have refinanced it once in 2016.
I would like to be able to propertly track the principal balance remaining as well as see how the escrow account gets depleted and replenished.
Can I do that without having to go all the way back to 2011 or 2016 and enter every mortgage statement? Can I just enter in an intermediate point from a recent mortgage statement?
There is also a manual alternative if you cannot connect. The loan principal balance can be manually updated on the Property page under Mortgage. Click the edit symbol and update “Current Principal Balance.” This will update the Mortgage section and the Loan-to-Value section.
my escrow account balance
For your escrow balance that’s not currently tracked in Stessa. Personally, I think it would be difficult to track an escrow account and not that valuable as your lender likely already tracks the balance and mails an annual statement. I’d also expect that, at most, they would automatically sync this from a connected lender.
If you do think tracking your Escrow Account Balance would be a useful feature for users, please post a New Topic to the Wishlist category. Be as detailed as possible about your vision and how it would be useful to you and others, as it’s not immediately clear.