When you take out some kind of borrowing like a mortgage or loan there are many choices on how to raise the finance and one option is to have a no closing cost refinance loan. Simply put, you can choose to pay the required closing costs when you first take out the loan or alternatively you can pay for them throughout the life of the loan.
This method of finance agreement is known by many different terminology but all essentially mean the same thing. You may have heard of “no fee refinances”, “no cost mortgage refinances”, “no cost refinance loans” or sometimes “no cost refinances”. These terms often provoke confusion but be assured they all allude to the same thing – a mortgage refinance agreement which has very small closing charges.