Even though it is possible to refinance as often as you wish, you do not want to do this. While refinancing is a common financial tool, it also is a rather big undertaking.In fact, the process of refinancing is very similar to the process of obtaining your original mortgage in the first place.ven though it is possible to refinance as often as you wish, you do not want to do this. While refinancing is a common financial tool, it also is a rather big undertaking.