Commercial loan question!

[Chase Gu]

Hi, I am learning about commercial loan terms and will meet with a lender on Monday. Hope someone could answer some basic questions I have!

1. People on the forum mostly talk about short-term fixed rate loan for 5-7 yr with a 20-25 yr amortization. This means one has to refi every few years? So I have to budget for refi cost when analyze a property? 

2. Is long-term fixed-rate not an option? I was looking at Fannie Mae small multi-family loan. Is that difficult to get because of specific requirement, like high occupancy rate? 

3. People say the best rate comes from local bank. I invest out of state - does this mean I talk with local lenders where the property is located or where I am located? 

4. Any important questions to ask the lender? Like their fee, etc?

5. For residential, I know the maximum loan I can take out. Does it work this way for commercial loan? I ask because for commercial loan lender needs to know NOI, which is property specific.

Thanks!