Reply
Frequent Contributor
Posts: 485
Registered: ‎01-14-2012
0

Original loan vs. Refi

My original loan was for 60 months, when I refinance how does that work? Does it start another 60 month loan, will it go down or does it all depend on the rate that I get?

 

Thanks guys, I need to refi- but Im nervous LOL

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Established Contributor
Posts: 736
Registered: ‎08-25-2008
0

Re: Original loan vs. Refi

You will begin a new loan term and will start with month 1.  It's a brand new loan.

Moderator
Posts: 10,531
Registered: ‎12-30-2011
0

Re: Original loan vs. Refi

203bravo is right, but to clarify you typically get to pick your new term when you refinance. May be some restrictions but 48 or 60 month terms are not uncommon if that's what you want... Probably the majority even.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.