 TITLE: Can I Refinance My Mortgage With No Closing Costs? CONTENT: How Does a No-Closing-Cost Refinance Work?\n------------------------------------------\nNot every lender defines a no-closing-cost refinance the same way—but make no mistake, any way it's defined doesn't mean there are no closing costs on the loan; it just means you won't pay them upfront in cash. Generally, though, there are two types of no-closing-cost refinance:\n*   The lender pays your closing costs (such as loan origination fees and appraisal fees), but charges you a higher interest rate. The higher rate remains until you pay off the loan or you refinance again.\n*   The lender rolls your closing costs into the loan. When that happens, the costs are added to the principal that you owe. You'll be able to skip paying the closing costs upfront, but you'll wind up paying these costs—with interest—for the life of the loan.\nEither way, your monthly mortgage payment is bound to go up. When the lender covers the closing costs, the higher interest rate will bump your monthly mortgage payment but won't change the principal. If the lender combines your closing costs with the principal, your monthly mortgage payment will jump but the interest rate will stay the same.\nExamples of closing costs include:\n*   Application fee\n*   Appraisal fee\n*   Inspection fee\n*   Loan origination fee\n*   Prepayment penalty\n*   Survey fee\n*   Title search and title insurance\nBecause a no-closing-cost refinance can boost your interest rate and your monthly mortgage payments, this kind of refinance typically isn't recommended. END