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When you refinance does the loan start over

The short answer is, yes. When you refinance, you're replacing your original mortgage with a brand new one. That means you effectively start the loan over. But it is still possible to refinance without restarting your loan term at 30 years.

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.

How does refinancing work on a loan?

Refinancing the mortgage on your house means you're essentially trading in your current mortgage for a newer one – often with a new principal and a different interest rate. Your lender then uses the newer mortgage to pay off the old one, so you're left with just one loan and one monthly payment.