BRRRR - Options for the R that is Refinance

[Bromley Palamountain]

Hello, I have two rental properties. Each property has an original primary home mortgage. My strategy has been to buy a home as a primary. Live through the renovations and pour in sweat equity in and then (after a year or so) rent them out when they are finished being rehabbed. I've done this now twice and would like to do a cash out refinance to build up a new 20% down payment for my next deal. The mortgage broker I'm speaking with quoted me 4.875% and mentioned the rate is higher than what I'm accustomed to because these are being refinanced as investment properties. On my two properties I currently have a 3.75% loan and a 4.375% loan. Does 4.875% sound about right? Any suggestions to ensure I reduce the rate and maximize the cash out?