Cash-out non-owner?

[David Albertson]

I have a rental property that I paid cash for. Now that the rehab is done and I have a tenant, I'm looking to finance it. I've been talking to an affiliate of Wells-Fargo. The good faith she sent me shows $0 origination fee, 2.75 points and a rate of 7.25%. I know things have changed in the last couple months but are lenders requiring that you to buy points? $3,261 + prepaids seems high to me. What do you all think?