BRRRR and Refi - Why are Mortgage Brokers skeptical?

[Mitch Polatin]

Please. Any help or advice is appreciated.

We bought a home in Boca,FL October 2020.

Purchase about $950k

20% down

30 year fixed around 3%

At time of sale it bank appraised for $1.1M

We’ve put in all new floors, tore out and redid kitchen among other things.

About to hit 6 month mark and we’re told that’s when we can refi- hoping to recoup close to our down payment.

But now our mortgage broker is talking about HELOC and second mortgages and such? Like they think we're crazy for wanting to refi? Are the rates that different now? Can someone please chime in. What is the right call here? I thought it was refi?

Thanks. First BRRRR