Refinance immediately after closing

[Kajal Aggarwal]

Hi All,

I closed on a property last week and the loan I got was 7/1ARM at 4.125%. The purchase price is 1.5M and loan amount is 1.2M. I had to agree for the higher rate under stressful situation as I was running out of time to close. But the higher rate has been bothering me.

Another loan officer suggests to refinance immediately and he is offering 7/1 at 3.875% and no-cost loan. Is it ethical to refinance immediately after closing? I would save $173 per month in the payment.