Refinance Mortgage - Payoff Line of Credit

This coming April, we'll be refinancing our mortgage and will be increasing it to pay off an unsecured line of credit (well aware of the risks/issues associated with this approach).

We have a Mortgage account setup as a tracked account in YNAB and also have the Line of Credit setup as a Budget account. Would I simply record a transfer from the mortgage account to my chequing account as "To be Budgeted" and then when I make the payment to pay off my Line of Credit as a transfer?

Any issues I should be aware of from a data entry point of view?

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  • That's about it. Make sure to enter the transfer between mortgage & checking from the checking side to enable access to the category field.

    Make sure you budget the transferred funds to the LOC Payment category.

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