Urgent Need: Relocation/Refi Primary Residence

[Andrew Piper]

Hello All,

New here and in need of some urgent assistance. I am going to start refinancing my home, likely locking in today or tomorrow on our primary residence in southern, CA. I was just offered a job in northern CA and I do want to accept it. I would like to keep my primary residence in CA, refinance it, and rent it out. I am not trying to make money on it, it just took us 3 years to find it and I don't want to let it go.

1. Can I not refinance it as a primary residence if I am thinking about moving up north and would have to use investment or vacation rates?

We purchased June 2018. Purchased @ $385k @ 4.5% with 20% down. It was the best I could find at that time. I have 760+ credit score.

2. If I am stuck where I am, I am at $2089 a month for PITI. I can rent it for $2250 according to rent0meter. With management fees and repairs I will likely lose $150-$200 a month, very conservatively. How do I weigh that vs. getting to deduct the mortgage interest and having mortgage "paid for"? Is there a way to calculate that?

Thanks so much, it was our first home so I am new to this.