Many debt consolidation programs extend your payment plans, so even with a lower rate, you could still end up paying more over the long haul. (debtconsolidation.com)
For example, by extending the payment term from 20 to 30 years, a borrower could pay thousands of dollars more in interest even with the lower monthly payment. (freemoneyfinance.com)
On the other hand, if the new refinancing terms merely extend the payment period then it's probably not worth refinancing the loan with an origination fee. (florida-home-mortgage-loan-rates-company.com)