Some potential drawbacks to Refinance Mortgage :
Closing costs. Refinancing typically involves closing costs, which are fees that are paid to the lender and other parties involved in the transaction. These costs can add up, so it's important to factor them into your decision.
Interest rates. If interest rates have gone up since you took out your original mortgage, you may not be able to refinance to a lower interest rate. In this case, refinancing could actually end up costing you more money in the long run.
Prepayment penalties. Some mortgages have prepayment penalties, which are fees that are charged if you pay off your loan early. If you're considering refinancing, be sure to check your mortgage documents to see if there's a prepayment penalty.
If you're thinking about refinancing your mortgage, it's important to weigh the pros and cons carefully to decide if it's the right decision for you. You should also talk to a qualified mortgage professional to get an idea of whether you qualify for a refinance and what the potential savings would be.