Just commenting to say you should be able to do better than 4.75%. We're closing this week on a refi of an existing rental for 4.25%, with no additional costs. Also closing on a new rental in a week or two, locked at the same rate. 75% LTV on each. Not offering advice except to suggest digging for better rates if you do.
What bank?
I'm in NorCal, it's Fremont Bank. PM me for a contact, if you'd like. No connection to them, just happy to help a fellow mustachian out.
Rates offered are highly dependent on many factors - credit profile, location and type of property, LTV, etc... so, expectation management is key.
Quite true. As I mentioned on another thread, our credit scores are reasonably good, but not in the eights. Our income isn't in the eights either, (it's less). I'm FIRE, but not drawing down resources, because we can live comfortably on DH's income. So, no that rate is not available to just because we're so "wonderful". By advanced mustachian standards, we're high average, not unicorns by any means. The rates quoted are relatively low-hanging. Now, If you're up to your ass in SL's, CC's and have a checkered payment history, fuggedaboudit. If that's your situation and you're reading this, it's doubtful you're looking for rental property right now anyways. But you knew that.
Add: It doesn't say so explicitly, but it does not seem as if the OP is in a weak position either. Mine was just a suggestion that his expectation of mortgage interest was a little high. Kind of like telling your friend who's about to buy something at Store A that it's on sale this week at Store B, and always available for less at Store C. She can buy it wherever she wants, but at least she knows she could be getting it for less with a little effort.