Question about refinance on non owner occupied sfr

[Jefferey Chheuy]

Hey new investor here, just wanted some input. I currently have a home purchased in an positively appreciating market which I bought for 138k (new build) with 20% down.

I got it at 6.125% interest rate. So p/i is $715.26.

I got another bank that’s quoting me 4.375% for 5k in closing +1.5 points (around 6.5k). They also require I have 75 ltv currently at 80 so I’d have to put an extra $7284 into the house to refinance.

If I didn’t build cost of refinance into loan, difference is $198.26 from monthly payments. It sounds like a good deal to me. What do you all think?