How to properly get quotes on a cash out refi for a BRRRR

[Jake Silverman]

I have begun to contact banks to get quotes on the cash out refinance portion of my BRRRR. I got a quote from one bank so far and plan on getting a few more. When i say quote i mean i just told the loan officer "I am looking to do a cash out refinance on an investment property I have in Indiana. I bought the property all-cash, rehabbed it, and rented it out. It's valued at around 66k. My credit score is around 780. What are your rates and closing cost?" He sent me a quote sheet with the rate and closing cost but rates have dropped since then. To properly get quotes should I keep emailing this out or begin filling out applications? I have owned my property for about 5 months at this point and want to close on the cash out refi on or as close as possible to the 6 month date.