Fixed Rate or Arm? Refinance terms

[Logan Pourbaix]

Hey BP- working on getting a refinance for a recent SGL family purchase. When speaking with a lender from a local bank, he mentioned I could get a 30 yr fixed rate at 5.25%. However after turning in some documentation he said my income on my tax return was too low for a refinance on a investment mortgage at 30 yr fixed. He offered an in house product which is an ARM mortgage. Its fixed for 5yrs and becomes adjustable after year 5 at prime +1. On a 20 year term. I don't have as big of an issue with the adjustable rate as I do the 20 year term. What type of terms are the most common for a refinance? Not looking to pull additional cash out, simply the Capital I gave invested in purchase & rehab. Thanks.