the upfront refinance costs (can be VERY high)
Reverse-amortization mortgages (or interest-only)
I'm sure there are others I'm not thinking of
For the most part, home loan loan refinance offer lower interest payments. Most people think this also translates to lower monthly payments. Unfortunately, that's not the case. You should be wary of additional and hidden charges. Source: http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html
The most important thing is that you understand fully the terms of the refinance. Make sure to read the documents carefully and to ask questions about anything that's not clear. Do not sign anything until you are satisfied that you understand what you're signing and what your obligations will be.
There are no surprises for those that do their homework. This means understanding the terms of the loan agreement you're entering into. Also, in the case of variable loans, it means understanding the economic and political situation in your country and it's impact to the index used to set your interest rate. Do not assume you know what some of the financial terms mean. For example, if you don't know what a margin is, then educate yourself.
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