This is the first time we do a conventional loan cash out refinance. My husbands credit score is 710 the mortgage company is giving us an interest rate of 5.25% fixed 30 year. They told us that if the appraisal came in higher, then the interest might be dropped some. It came in $10,000 higher. I asked them if they will be dropping the rate and they said no. So is that interest rate to high for a non owner occupied investment property, is it to late to look for another mortgage company? Just to let you know but don't know if it makes a difference but my husband had a foreclosure 6 years ago and I just received a message that our loan is in the underwriting process.