BRRRR Refinance Deal

[Lane Nelson]

I am doing my first refinance on a rental property I recently purchased. I'm getting back 37k cash which was in the ballpark I expected. What I did not expect was a 7 year loan amortization with a 6.16% interest rate which will be fixed for 60 months. Is this a normal deal structure for a refinance and is a 6.16% rate good for today's market? Thanks in advance for any insight.