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A true no-cost refinance means you pay no money upfront and neither your loan amount nor your interest rate is increased to build any costs into your new loan. To calculate a break-even point, divide the anticipated total cost of your refinance by the monthly savings on your loan payment.
The lender also charges certain fees for its loan, and the name of the fees and what they cover vary. For instance, you may be charged a document processing fee, recording fees and other fees. You may also have to pay points on the loan. One point is equal to one percent of the loan, and lenders may require you to pay points on the loan. You may also choose to pay points in order to secure a lower interest rate. In addition to these upfront fees, you may also have to prepay escrow fees. All of the closing costs will be spelled out for you, and you will receive a good faith estimate of all these fees so that you know what to expect. Note, too, that you may not be responsible for paying all the fees.