One of the most important aspects of a refinance is making sure the borrower understands why he may need to write a check at the settlement table. I get this question all the time: "If there are no closing costs with the refinance, why would I need a check at settlement?" Let's use my zero-closing-cost refinance program as an example. The answer is easy. Whether a borrower pays closing costs has nothing to do with whether he will have to write a check at settlement. Owing money at settlement is a function of the loan amount for which the borrower was approved.