refinancing investment properties

[Joe Kim]

I'm in the process of refinancing an investment property.

The current loan amount is 110K @ 5.125 fixed 30 years

I'm getting it refinanced at 115K @ 4.25 fixed 30 years

I will be saving around $50/month in mortgage payments

Notice the loan is ballooning by 4K because of all the fees.  It will take around 7 years to break even.

My loan amount is 115K.   I got appraised at 190K which is off by 20-30K.

Nonetheless my LTV (loan to value) is at 60%

All of sudden the lender wants to charge an extra $300 because the LTV is not closer to 52% LTV.

60 LTV is really really good. I've never heard of a lender who wants to charge more because LTV is at 60!

None of this was presented to me upfront. I'm guessing if the LTV was 65 or higher, he would have said, I need to charge an extra $600 or something like that?

Is this common practice?   Or is this shady as hell?