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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.
There is no specific time when you should refinance your property. You should only refinance when it benefits you, or you can lower your monthly payments. You have to take in considerstion the fees and points you will be charged and when you can expect to get back your money for your refinance. I would say a 1-1.5 drop in the rate should be the standard. That way i will not take you long to get back your fees and points you paid for the refinance.