Your results will vary and may not be typical. b. As a result of refinancing, your total finance charges may be higher over the life of the loan. c. Including closing costs or financing loan fees your total finance charges may be higher over the life of the loan. d. A reduction in payments may reflect longer loan terms and higher interest charges over the life of the loan. e. Applicants should not assume that any debt will be eliminated by refinancing since the debts are consolidated into a new loan.