What are some catches I should look out for before doing it?

closing costs

Your term gets reset. Say if you have 20 yrs left on your 30 yr mortgage and you refinance, you new mortgage will be restarted to 30 yrs again.

Are you considering refinancing right now? If so, how ****ty is your current rate because interested rates are at all time highs it seems. Dont know your situation but I wouldn't refinance unless I was shaving minimum 1.5%.

Resetting the term would be a negative as stated. If you are doing it to pull money out from the appreciation may want to consider a HELOC or Home Equity Loan.

Depends on how much you had left to pay off, and what payment plan you pick for the refinance. If you have 20 years left on a 30 year mortgage, and you refi to a new 20 or 15 year mortgage, you didn't add anything.

But yeah, closing costs. For a mortgage refi to really be worth it, you usually need to be lowering the interest rate by a couple % points. Which you're almost certainly not going to be able to do right now unless you had some awful home loan from the late 2000's that you never refinanced yet for some reason.

Interest rates are nowhere near all-time highs yet lol. It only seems that way to people because we just left s brief window of historic low interest rates (sub-3% is insanely low), and during that window housing prices skyrocketed. Thus, the higher rates combined with higher prices makes everything seem crazy high, even though rates still aren't all that high yet.

That being said, intetest rates are indeed higher now than they have been in some time. There aren't many people who are in a good/sensible positition to refiance right now.