No cost means no loan related cost, but you still need to bring in the money at closing for: 1. new loan inerest 2. old loan interest 3. property tax if open 4. insurance if need to renew 5. loan amount difference if you need to pay more to qualify the rate Usually there will be two days overlapping between new lender and old lender . If it is Friday funding, you will have 4 days interest overlap so you need to avoid. For all other loan related cost, you will be fully covered such as: 1. credit score checking 2. appraisal 3. HOA cert (if any) 4. loan processing fee 5. underwriting fee 6. escrow/title fee 8. notary fee 9. recording fee 10. flood cert 11. loan origination fee 12. tax service fee 13. fowarding/demanding fee 14. reconveyance fee You can check the following article I post in my club regarding how to calculate the agent's rebate for refinance: http://www.mitbbs.com/clubarticle1/BayAreaMortgageRate/11631_0_ Good luck!