If you refinance to a new 30-year loan, you'll start over and have 30 years again to repay it. If you refinance to a new 20-year loan instead, you'll pay your loan off five years earlier. Refinancing comes with closing costs, which can affect whether getting a new mortgage makes financial sense for you.
When you refinance do you start all over again?
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 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.
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.