You'll want to make sure all mortgages and loans are set up accurately so that your Property and Portfolio dashboards reflect the correct loan-to-value ratios and debt totals across your holdings.
Connect Your Mortgage Automatically
If your mortgage is held by a financial institution that's supported by Stessa's automatic data connections, it's best to link the account first to see how much data is available. Some financial institutions only provide basic loan details like balance and payment amount while others will also provide the interest rate and detailed transactions data for actual payments.
If you've connected a mortgage account and the link appears valid, then you can easily fill in whatever information might be missing. Navigate to your Property Details page and scroll down to find the "Mortgage" card for the correct loan at lower right. Click the small edit button in the upper right corner and fill out whatever information is missing. Click "Continue" to save your updates.
In the event that your mortgage payments for a linked account are not automatically populating on your Transactions page, the best practice is to link the checking or other bank account from which you pay the mortgage. This workaround will capture the payments on the outbound end, which you can categorize as Mortgage Payments for accurate reporting.
Add & Edit Mortgages & Loans Manually
Please scroll down to the Monthly Expenses card and hover over Mortgage & Loans, a small pencil will appear.
Click on the small pencil to open the Edit Mortgages window
From here you can edit the existing mortgage or use the "+ Add mortgage" button.
Mortgages and other loans can be manually added and updated on your Property-level Dashboard under the Monthly Expenses card.
Use the "All Properties" dropdown menu at the top of the Dashboard to select your property. To add a new mortgage manually, find the kebab (three-dot) menu button at the right of the card and select "Edit all Pro Forma" to enter/edit the basic details for your loan.
When adding a mortgage, you can choose between two options: connecting the account automatically or entering the details manually.
In order to enable automatic updates for your mortgage account, it's important to ensure that your financial institution is supported on the Stessa platform. Once you've successfully linked your account, related details should be pulled into the account automatically.
To manually add a mortgage, all required fields must be entered accurately. If your monthly payment includes an escrow for taxes and/or insurance, make sure to tick those boxes for the Monthly Expenses card to update correctly. For the "Principal Balance," it's important to input the current balance or a near approximation.
"Original Loan Amount" is Important
Please ensure that the "Original Loan Amount" field contains a valid value. Stessa will utilize this number to compute the denominator for your Cash on Cash return metric. If this field is left empty, the Cash on Cash metric will presume that the asset was purchased with all-cash.
Duplicate Mortgage Payments?
In the scenario in which you successfully connect both a mortgage account and the bank account from which you pay the mortgage, you may end up with duplicate transactions. Stessa is designed to automatically discover the duplicates and suppress the banking side of these mortgage transactions to the "Transfers" category. "Transfers" are used for tracking purposes only and do not impact performance or reporting.
In the event Stessa does not automatically move your dupes into "Transfers," please reach out via the blue circle at lower right once you're logged in. We'll investigate and get it fixed for you!
What About Portfolio Loans?
Stessa does not yet support portfolio mortgages that cover more than one property. We do plan to develop this feature in the near future. In the meantime, it's best to simply allocate the portfolio loan balance among the various properties and set up corresponding individual mortgages. If your portfolio loan is amortizing, this may be a lot to track every month, so we recommend simply adjusting your principal balances quarterly or annually instead.
Still have questions about setting up and editing Mortgages?
Use the blue circle at the lower right to drop us a quick note. We'll get back to you shortly.