Refinancing can present numerous financial opportunities. But it also requires a measured approach. While there are many good reasons to refinance a mortgage, not all reasons are created equal. Here are some of the bad ones.

To save money for a new house

The cost of refinancing typically comes out to about 2% to 3% of the total loan amount, according to U.S. News. It can take years to recoup the costs and buying a house before then may not benefit you even if you now pay less monthly.

To get a loan with a longer term

Longer loan terms could lower your monthly payments. But you may end up paying more in interest, warns Business Insider, on top of making payments for a longer amount of time.

It may, however, be worthwhile for retirees with a steady income for budgeting purposes, says Bankrate.

To pay for lifestyle luxuries

Taking out home equity to consolidate debt may be sound in reason. But doing so to pay for high-ticket toys or new clothes may not be, warns Forbes. Equity is hard-earned and paying off debt has tremendous benefits. It can help increase your credit score and save you more in the long run. Using it toward spending spree doesn’t offer returns. Whatever you decide, make sure to weigh the costs.

To pay off your home faster

You may not want to refinance for a shorter loan term to pay off your house faster, says Bankrate. Funds that could’ve been used toward retirement or college savings, or other investments could get held up in your house.