One strategy that could be beneficial if you plan to refinance again or don’t plan to stay in your home for more than five years is to ask your lender to waive the closing costs: This is known as a “no-closing-cost refinance.” It may cost more, but you won’t have to come up with the funds when closing on the new loan. In order to do this, the lender usually charges a higher interest rate over the entire length of the loan. This often ends up being more expensive than immediately paying the closing costs.