Primary home into rental

[Austin Suddreth]

Hello everyone!

I'm looking for some insight into my current situation. I purchased a primary residence in early 2019 slightly under market value due to it being outdated. Currently, I have updated the home with new LVP throughout and generally geared my updates towards renting the home out at some point. My main question is: since it's my primary residence and it's homesteaded, do I have to refi if I intend to keep it as a rental? I used a low down payment conventional mortgage at 3% and currently have under 20% equity. I spoke to my lender about getting a refi which would drop my rate from 4.25 to 3.25 and drop my PMI $70 a month without an appraisal due to a waiver (saving me $155 a month roughly). I just wanted to make sure I'm going about this the right way before a go ahead and do this refinance.

Any help or advice is greatly appreciated!!