Refinance months after buying a property - Appraisal question

[Francisco Garcia]

Hi there BP fam I have look around and have been able to find information specific to my question. I hope this question and your answers are helpful to someone down the line. 

Background: Bought a 7bd/5ba SFH to househack back in March of 2021, appraised for 860K paid 835K. Converted a extra large 2nd living room to 2 addition bedrooms, didn't get permits so officially the house is still a 7/5. I didn't want to put down more than 10% and didn't want to pay PMI so my loan person set the financing up under 2 loans: The first is a conventual 30 yr fixed at about 2.7% for 547k (the loan limit for my area is 548k before needing to go jumbo) the second loan is more risky and I want to get rid of ASAP is a line of credit for 200k. It is a variable loan interest only payment starting at 6%.

I tried to refinance the entire property into a 30 yr fixed to get rid of the variable line of credit. My market is hot and my property is now worth about 950k-1M about 4 months later. I went through the process and even had the property apprised, the issue happened when I got the appraisal back and it came back as the original purchase price. In speaking with them and a handful of other lenders it seems like I have to wait 6 months minimum to have the property apprised based on the new market value.

Question: Is there anything I can do now to get into a 30 yr fixed without having to pay down the loan? Do all lenders/ appraisers need 6 months to be able to count a reappraiser?

I am getting nervous about where rates and the marketing is heading soon. I found someone who will refi only the variable part @ 6.5% fixed. I want to know what options I have, 6.5% fixed is high but the variable part of my current loan is risky especially if rates go up.

 That you in advance for your responses and insights