Cash out refinance shopping - NY state

[Lauritz M.]

Hello!

Thank you for such a great community and active forum!

I have gotten an offer from a lender on a refinance. I am fairly new to this and this is my first refinance. It would be a residential investment property loan, not LLC and not primary residence. High personal income and credit score.

The terms are 3 yr ARM @ 7.00% rate, 0,75% points and 80% LTV. The property value is around 175k.

1) Is this good, bad or average in todays lending climate? I am especially thinking about the 7% rate, I have heard rumors that it's still possible to obtain 6%-ers.

2) Any tips or referrals for lenders who can outperform this offer? Must be able to operate in the state of New York.

Please and thank you.