Does refinancing start the loan over?

Refinancing doesn't restore the repayment term of your loan, but it does replace your current loan with a new one. You may be able to choose between different offers for your new loan depending on your objectives, including a longer or shorter repayment period. For example, if you're refinancing your mortgage, you might find that the top mortgage refinancing lenders offer several repayment terms, including 10, 15, and 30-year terms. So how much should mortgage rates go down before considering whether it's worth refinancing? The traditional rule of thumb is that you should refinance if your rate is between 1% and 2% below your current rate.

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