Which loan rate should I accept?

[Charlie Castor]

I am in contract right now to buy a house and my chosen lender is Wells Fargo. I have locked in the rate with them, and they've given me two options, both 30-year fixed:

3.375% (3.42 APR) OR 3.5% (3.5 APR) with 0.5% credit.

The 3.375 is great but the hangup here is that we would like to refinance the house in May, when we will be able to take other income into consideration and hopefully be able to get some money out of the house, as we are currently putting down 40%, the minimum allowed by the bank. We would like to get back about half of that, which we would qualify for with the refinance.

Has anyone refinanced soon after purchasing? Would Wells Fargo be okay with this?