How often are?

[Anthony Freeman]

How often are investors using "no closing costs" refinances?

[Doug Smith]

If you peel back the curtain, there is no such thing as "no closing costs". Lenders simply bump up the rate to get cash back on the deal that they pass on as a "lender credit" to the borrower. It still costs money to refinance...taxes, title fees, etc...we can just raise the rate to get a lender credit back to the customer.