On Thu, 5 Feb 2004 18:23:01 +0000 (UTC), someone wrote:

(v) writes:
Now THERE'S an interesting way to waste money on transactional
costs....

My last two refinancings have both been no points, no closing
costs, with a lower interest rate than I'd had before.

Jon, TANSTAAFL. Of course there were closing costs. RE financing
costs a lot to close. The lender (or the broker) paid those costs.
In my own recent refi, the broker offered X rate and my closing costs
were $Y. I countered with X + .25% rate and broker to pay costs,
which he took. It is not that there are no costs. Of course your
rate after refi was lower than it had been (or you would not have done
it). But it would have been lower still if you had not "financed" the
rate, not by adding to principal, but by taking a lower rate.

But, no matter, you are happy with your result.