How a no-closing-cost refinance works — and how to get one

Refinancing your mortgage can be a smart move. You could lock in a lower interest rate and reduce your monthly payment. Unfortunately, mortgage refinances aren’t free for homeowners. As with your first mortgage, you’ll face closing costs when refinancing. While these vary by lender, the national average closing costs when refinancing are around $5,000. With a no-closing-cost refinance, you may be able to avoid these costs — at least at the outset of your loan. But they don’t remove the fees entirely. What ...