When you refinance to a longer long-term, your monthly mortgage payment will decrease since you have a longer period of time to pay back your loan. The interest on your mortgage may increase over time with this option, but your monthly payments will be lower. This is best for borrowers who need an immediate solution, and may want to consider fully refinancing their mortgage in the future.
Keep in mind that by refinancing your existing loan, the total finance charges may be higher over the life of the loan.