What are good financing terms for a cash out refinance?

[Mike Schorah]

My local credit union offers up to 75% LTV. They have 10, 15, 20, and 30 year loans. Anything above 10 years has a 12-year balloon payment. I can always refinance it. The rate is exactly 1% higher than what the rate is for a principal residence. There is also points associated based on the LTV and the term that I select. 30-year would be mid-to-high 5s (1% higher than current 4.625% for a cash out refinance on a primary residence).

Another bank has a year waiting period, up to 75% LTV, needs 3 years of tax returns, $500 application fee, appraisal fee. They look at cash flow and need a DSCR of 1.20.

Another bank has a 12 month wait, 80% LTV. They have an 8% interest rate on non-QM mortgage. They have a Fannie Mae at 5% with 5 points OR 6% with 2.5 points.