Lending guidance for refinance

[Luke DeLaVergne]

I'm having a difficult time finding a lender who will refinance my SFH in KY. Bought with cash, ARV $90k seeking to refi $60k. Credit score over 800.

Some lenders offer ARM and Balloon loan options, but not fixed rate. Any advice on ARMs? Good idea or not?

I’d prefer to get a 30yr fixed, but best option so far seems to be 4.87% and closing costs of $4,500 on a $60k refi. Seems high to me, but maybe these are just the new times we’re in?

Any guidance and suggestions would be helpful. FYI: I’ve called 10 different banks and credit unions. Thank you for any advice from the pros!

[Luke DeLaVergne]

@Cameron Tope

I'm mostly hearing banks and credit unions tell me they don't refinance investment properties or that they only offer ARM loans on investment properties.

I’ve only found one that gave a fixed rate loan, but closing costs on a $60k refi was $4,500, which seems wildly high.