What does "NO POINT & NO COST" mean when refinancing?

[Vince Le]

What does "NO POINT" mean in the ad: "Refinance your mortgage loan when interest rate goes very low with a lender offering NO POINT & NO COST?" 

Thank you.

[Robin Simon]

Quote from @Vince Le:

What does "NO POINT" mean in the ad: "Refinance your mortgage loan when interest rate goes very low with a lender offering NO POINT & NO COST?" 

Thank you.

"Points" generally refers to a closing fee or general fee paid to the lender at closing, typically expressed as a percentage of the loan amount.  Example = "2 Points" = 2% of Loan Amount, "NO POINT" = no fee or 0% of Loan Almont

 However, "costs" or other fees are typically also included, these are usually more related to the costs that go to different vendors/parties in the transaction, like appraisers, title companies, lawyer doc fees etc.  These are typically not profits to the lender, rather pass-through costs that go to vendors/third parties.  

No Points is generally OK - but I would be buyer beware on anyone saying "NO COST" as that raises some flags since these costs are typically unavoidable on mortgage loans.