Is the zero refinancing home loan real ?

I am planning to buy my first home and applying for a home loan and one of the lender said this to me

” If you take your mortgage with us and after 4 payments are made, if the rate goes down by a .25% we will refinance you at no cost”

1) Do they really refinance at NO(zero) cost of the rates go down .25% ?

2) Are there any other charges which are hidden which lenders charge if we refinance at a later stage when rates drop ?

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