 TITLE: Does Refinancing Reset Your Loan Term? CONTENT: How Does Refinancing a Loan Affect the Loan Term?\n-------------------------------------------------\nYou can refinance a debt by taking out a new loan and using the proceeds to pay off a current debt. The new lender might pay your current creditor directly, or it could send you the money, which you'd use to pay off your current loan.\nIn either case, your new repayment term options can depend on the type of loan, the lender, the loan amount and your creditworthiness. If you can choose between a shorter- and longer-term loan, consider:\n*   A shorter term could help you qualify for a lower rate and mean you'll pay off the debt sooner, but it will also lead to a higher monthly payment.\n*   A longer term can lower your monthly payments, but results in paying more interest overall.\nThere are pros and cons to both options, and the best choice will depend on your current financial situation and goals. END