That depends on how long you plan to stay in your home. If you decide to move in a few years, the monthly savings you might obtain by refinancing may never add up to the costs you may have to pay to refinance your home. On the other hand, a “no cost” or “low cost” loan might save you money in the long run.
The longer you plan to stay in your home, the more sense a “no cost” or “low cost” loan will make. Compare different loan programs to determine which will benefit you most. If you don’t think you will stay for many years in the home you live in now, but you would like to consolidate your bills or lower your interest rate, you might take a look at the advantages of an Adjustable Rate Mortgage (ARM).