Although it may sound like an easy fix for many problems, mortgage refinance does have certain disadvantages. If you choose cash-out refinance, you will reduce your home equity.  Additionally, the comfort of stability that homeowners achieve by transferring to a fixed-rate mortgage deprives them of taking advantage of potentially lower interest rates that would be accessible with the adjustable-rate mortgage.
Not to mention that, while reducing the loan term with mortgage refinance might lower your total interest significantly, it will also make way for higher monthly payments. Lastly, the process of refinancing itself is quite expensive; read more in our “The Cost To Refinance a Mortgage and When To Do It” guide.