Need Help Analyzing DSCR Loan

[AJ P.]

Hi everyone, I purchased a house in PA last October all cash and am hoping to refinance. Here is a summary of the loan I was looking at:

As-is-Value: $335,000
Loan Amount: $250,000 (~75% LTV)
DSCR : 1.22x
Term: Standard DSCR 30-year fixed

Interest Rate: 7.125%
Origination Fee: $3,750 (1.5%)
Service Fee: $999
Pro-rated Interest: $1,345.94

It's a single-family house with a two year lease currently signed for $2,850 a month. The monthly P/I on this loan would be $1,684.30. I work a W-2 job so I have additional income and my credit score is in the 760s. 

I plan to hold the house "forever" and want to continue to expand my rental portfolio. I'm mostly concerned with keeping the monthly P/I low to have cash flow and I greatly appreciate the stability and predictable expenses of a 30-year fixed loan. Please let me know your thoughts on this and if the rate and overall loan seem to be good enough. Thank you!

[Andrew Zamboroski]

Quote from @AJ P.:

Hi everyone, I purchased a house in PA last October all cash and am hoping to refinance. Here is a summary of the loan I was looking at:

As-is-Value: $335,000
Loan Amount: $250,000 (~75% LTV)
DSCR : 1.22x
Term: Standard DSCR 30-year fixed

Interest Rate: 7.125%
Origination Fee: $3,750 (1.5%)
Service Fee: $999
Pro-rated Interest: $1,345.94

It's a single-family house with a two year lease currently signed for $2,850 a month. The monthly P/I on this loan would be $1,684.30. I work a W-2 job so I have additional income and my credit score is in the 760s. 

I plan to hold the house "forever" and want to continue to expand my rental portfolio. I'm mostly concerned with keeping the monthly P/I low to have cash flow and I greatly appreciate the stability and predictable expenses of a 30-year fixed loan. Please let me know your thoughts on this and if the rate and overall loan seem to be good enough. Thank you!

Is this option with Kiavi by chance? For a refinance (likely with a reasonable prepay) the pricing is solid. You may find a cheaper origination than the 1.5%, but there may be tradeoffs elsewhere.