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Original loan vs. Refi

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Frequent Contributor

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....
2 REPLIES
Established Contributor

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

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.
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