Does refinancing mean starting over?
Because refinancing involves taking out a new loan with new terms, you're essentially starting over from the beginning. However, you don't have to choose a term based on your original loan's term or the remaining repayment period.
Does refinancing a car add years?
Refinancing might allow you to extend the duration of your loan, thereby lowering your monthly payments. 3 For instance, if you owe two more years on your current loan, it may be possible to refinance and extend the term to four years.
Does refinancing hurt your credit?
Whenever you refinance a loan, your credit score will decline temporarily, not only because of the hard inquiry on your credit report, but also because you are taking on a new loan and haven't yet proven your ability to repay it.
Does refinancing reset the clock?
Yes, each time you refinanced your property you reset the clock in terms of the term length — unless you opted to refinance the lower rate for a shorter term length.