Frequent Contributor
currentlywinning
Posts: 485
Registered: ‎01-14-2012
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
203bravo
Posts: 736
Registered: ‎08-25-2008
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
Revelate
Posts: 9,645
Registered: ‎12-30-2011
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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge