Cash out refinance in Michigan

[Adam Geers]

I’m in the process of doing a cash out refinance on a duplex I own in my personal name. My lender came back today with a rate of 4.75% for 5 years and then variable rate of prime plus 1.5% for the remaining 15 years with a 3% early payment penalty. I was wanting to get into a 30 year fixed rate on this property. What are others seeing for rates and terms? Are there other lenders with more favorable terms?