Refinancing as Primary or Investment rate
Trying to take my first step into the real estate investment journey. My first question is on refinancing. My Plan is to refinance my primary house when the loan funds use part of it as a down payment to purchase a new house that will be my new primary residence and payout some debt to significantly lower my DTI. Once I move out I will begin some renovations on my existing house and rent it out probably within a month or two after the loan funds. My question is do I have to refinance this as an investment property or can I still refinance as a primary residence since I will be there for a month or two after my loan closes?
My other question is should I worry only about the refi now and pay down my debt then apply for new mortgage in a month or two for the new house? Or should I try to secure both a refi and a pre approval for a new mortgage now? Not sure if that’s even possible any advice will be greatly appreciated
Thank you