Asked by Alok Gupta, Phoenix, AZ • Mon Feb 13, 2012
I am in the process of refinancing and I locked in on 4th Jan at 2.625% for 5/1 ARM (APR is about 2.745).
The same institution now has it available for 2.5% ( 1/8% less). I asked them and they said they can not lower it as I am already locked in. I am about one week away from closing. How can I get it lowered to 2.5%.
I am paying about 3000 ( 700 reserve of taxes/insurance into escrow acct) in all types of costs for a loan of about 142,000 (138,300 loan amount 700 tax reserve in escrow 3000 refinance expenses).
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