– No closing cost mortgage are also referred to as no point, no fees loans (a more accurate description) or no cost mortgage refinance are really simple to understand once you learn a little loan lingo along with some mortgage industry terminology.
A Consumer's Guide to Mortgage Refinancings – What is "no-cost" refinancing? Lenders often define "no-cost" refinancing differently, so be sure to ask about the specific terms offered by each lender. Basically, there are two ways to avoid paying up-front fees. The first is an arrangement in which the lender covers the closing costs, but charges you a higher interest rate.