The biggest downside to refinancing is that it costs money. Not only the actual refinance but in some cases you are stretching your payments out for a longer time period. What you're doing is taking out a new mortgage to pay off the old one - so you'll have to pay most of the same closing costs you did when you first bought the home, including origination fees, title insurance, application fees and closing fees (www.mortgageloan.com).  One of the first reasons to avoid refinancing is that it takes too much time for you to recoup the new loan's closing costs. This time is known as the break-even period or the number of months to reach the point when you start saving. At the end of the break-even period, you fully offset the costs of refinancing (www.investopedia.com).  WHAT IS GO FISH? Through a series of podcast interviews/testimonials, boot camps, forums, meetups, and more, our goal is to educate everyday people who on how to use REAL ESTATE to achieve financial freedom and leave legacy for their loved ones! If this resonates with you, Go Fish wants you to be a part of our growing village! Learn from the successes and failures of everyday people as well as industry professionals and seasoned vets.  Topics include mindset, goal setting, sacrifice, negotiation, building a team, finding/analyzing a deal, financing, vetting tenants, exit strategies, tax benefits, scaling, and so much more! Follow us on social media @gofishvillage @josh4realestate or email us with questions at [email protected]. Need a realtor in the Chicagoland area? Contact [email protected] or visit www.listwithmercer.com.