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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 chances you'll pay only $600 for closing costs are low, especially in states where title fees are more expensive. Finding a lender willing to offer a HARP refinance with no fees isn't easy, and most of the time the lender will compensate the waived upfront fee by charging a slightly higher interest rate.