Northpoint Bank all in one checking/HELOC
I have an all in one HELOC as my 1st mortgage with Northpointe Bank. I am trying to figure out hoe to use YNAB with it. The way YNAB downloads the transactions and how NPB records them is making it difficult for me to figure it out. To get the most out of this type of account I am suppose to deposit my paychecks into the account and then spend out of the account as if it was cash. The idea is to still spend less than you make and the surplus pays down the loan faster than a typical mortgage. I have my paycheck going into it but not my wife's yet.
YNAB shows my paychecks as an outflow into the account instead of an inflow. It shows interest applied to the account as an inflow vs an outflow and then shows that I have a budgeted amount in my mortgage category of my budget.
We have been using a credit card for the miles earned for our daily expenses and pay it off each month.
Does anyone have an account from Northpointe Bank or something similar? How are you using YNAB with it so that you can have income showing up as income and inflows vs out flows?
Hello, David Ebert !
I would recommend getting in touch with support. We have detailed instructions for setting up this type of account in YNAB and can assist you with the process. (The short version is: you need one account representing the negative-balance account that you spend from, and one dummy account representing your credit limit, but there's more to it than that.)
Direct Import for this account is probably not going to work correctly, I'm afraid. We can try reporting the issue to our import partner, but we've had very limited success getting loan accounts to work with Direct Import. So I would recommend entering transactions as they happen and reconciling often.