Refinance Rates high?

[Joe Crupi]

Hi,

Applied through Navy Federal for a conventional refi. Theyd only let me do a 15 yr term since its an investment property (rental) and was a 5.12 rate. However, when I asked them about doing a cash out refinance instead, they said the rate would be 9.0%! When i hear everyone talking about BRRR, I find it hard to believe folks are refi into rates this high. Is this just a bad quote, or what?

Also, it seemed odd, but person on phone also said HELOC are illegal in TX. A quick Google search seems to indicate this was a lie...insight?

ARV @250k

Mort @63k