If we refi now, and rates drop further, is it reasonable to ask our morttgage broker to do another refi at no cost?

This depends on the loan amount and how much the rates drop. If you have a $500k loan amount it is much easier to do a no cost loan as opposed to a $100k loan. You also cant expect him to do a no cost refinance every time the rates drop by .25%. It also depends on whether you have a FHA or Conventional loan. FHA will typically charge you a upfront fee on top of all the other fees everytime you refinance while Conventional will not.

it's not unreasonable, however your interpretation of "No Cost" would be the question.... no one works for free... the title companies, the lender, broker, appraiser, escrow, tax attorney... etc.. all have charges and all will get compensated... so when you refinance and there is "no costs", in essence the cost is built into the interest rate.. you pay a higher rate than you would have if you paid the costs... Contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Of course it is reasonable, but it may not be practical. A lot of what makes sense depends on the loan size and the way the refi is done. In a true "No-Cost" refi, all of the fees are paid for by the lender from premium received from the lender because you accepted a rate above market rate. If in the future, you can lower your rate and you are absolutely 100% sure that no costs are added to the loan balance, then by all means go for it. Just make sure you don't get snookered and have them add fees to your financed amount. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I locked a loan for a client on 3/20 whose home has a 126% LTV, and on 3/28 floated it down to 4% at no cost to him. Any savvy LO should know how to do this. I have learned in this business to never say never. I agree with the others who have posted here about the loan amount. It does make a difference when attempting to get a no cost loan. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.