Frequent Contributor
currentlywinning
Posts: 481
Registered: ‎01-14-2012
Original loan vs. Refi

‎01-30-2013 12:48 PM

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....
(193 Views)
 
Established Contributor
203bravo
Posts: 699
Registered: ‎08-25-2008
Re: Original loan vs. Refi

‎01-30-2013 01:51 PM

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

(178 Views)
 
Moderator
Moderator
Revelate
Posts: 4,218
Registered: ‎12-30-2011
Re: Original loan vs. Refi

‎01-30-2013 06:50 PM

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 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)

Take the FICO Fitness Challenge
(153 Views)