Purchase plus improvements mortgage then refinance

[Kyle Soroka]

I am a first time buyer getting closer to closing on my first property and I am using a purchase plus improvements mortgage to purchase then rehab rent and then refinance.  My question is when I go to refinance with a bank how does it work? And if my house has indeed increased in value (from the rehab we completed on the house)  once it has been appraised by the bank and there is a surplus of money at the end after paying off my first mortgage my "profit" do i just get to keep it?