Cash out refinance shopping -state of AZ

[Sky Lin]

Hello!

Thank you for such a great community and active forum!

I have gotten an offer from a lender on a Cash out refinance. I am fairly new to this and this is my first Cash out refinance. It would be a residential investment property loan, not LLC and not primary residence. medium personal income and high credit score(780).

The terms are 30 years fix @ 7.375% rate, 2.5% points and 75% LTV. Loan amount is $236,250. 

A. Origination charge: $7351

     2.5% of loan amount(point) $5906

      processing fee $1445

B. Service fee( appraisal and credit report fee) $657

C. Title and Escrow fee $855

Total loan cost: $8863

The property value is around 315k. Free & Clear.

1) Is this good, bad or average in todays lending climate? I am especially thinking about the 7% rate, I have heard rumors that it's still possible to obtain 6%-ers.

2) Any tips or referrals for lenders who can outperform this offer? Must be able to operate in the state of Arizona.

Please and thank you.

[Jeremy Holden]

@Grant Schroeder