Refi Mortgage Advice (am I getting ripped off)

[Account Closed]

Hey BP!

I am trying to do a cash out refi on a property (first time) and need advice, It seems like the interest rate is unreasonably high. I was expecting for it to be about .25 - .5 higher than current industry average

DTI: Very low, only own 1 other rental with about 75k in equity (owe 50k)
credit score: 730-750 depending on agency

owed: 45,100
rate offered: 5.5%
loan amount: 75,000
Appraised value: 105,000

closing costs: 7,721
cash out: 22,279

Any insight or guidance would be really appreciated, Thank you all in advance

[Ned Carey]

@Account Closed no you are not getting 'Ripped Off" but there are better rates out there. Look for DSCR loans. That would be lenders like Lima One, Lending One, Dominion Financial, BRRRR loans etc.

Part of the problem is the low property value. The best rates tend to be for properties that appraise for more. One lender we are working with charges that rate for you appraised value but has 1% better for an appraisal of at least $135k