Ric's Reference Section

        No Cost Refinances

        No closing cost loans can be used for either a refinance or a purchase transaction, although
        they are most commonly associated with a refinance. A "no cost" refinance is the quickest
        way to generate immediate interest rate and payment savings with no up-front investment
        in closing costs. In a market where interest rates may continue to fall, consider a refinance
        at no cost. Should interest rates drop again, you may refinance again without having to
        recoup the closing costs. Many borrowers refinance every year or less at no cost, while
        keeping their initial teaser rate in an Adjustable Rate Mortgage.

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