Refinancing your home can be a great way to reduce monthly mortgage payments or interest rates – or even pay off your debt faster. And while it is a useful tool in budgeting for millions of homeowners, a home refinance may not necessarily be useful in every situation – in fact, there are some situations where refinancing can cost you a great deal of money.

So when should you skip the refinance and simply keep with the original plan? Here’s what you need to know.