Cash-out refinance options

I am currently trying to do a cash-out on a single family rental I own. Looking to do a 30-year to keep my DTI down for future opportunities with the intention of paying off in about 15. Current property value is about $175k, looking to cash out 80% - 90% I reached out to a local bank I have worked with before and their 30 year rate on 75%-90% is 7.625% with about $5,000 in closing costs. I was expecting to be in the sixes and have also heard of banks offering credits toward closing. Not sure if any of that is realistic so I thought I would see what other have experienced recently. (credit score 840, DTI 20%)