Refinancing Primary House and Using it as a Rental

[Brett Baginski]

Hi all. I plan on moving to Florida at the end of this year and turning my primary residence into another rental property. When I bought this house back in 2017, I put it on a 10 year arm at 3.625%. I currently have a HELOC that I use to purchase rentals with. I am in no rush to refinance since I have until 2027 before my rate becomes variable, but I am hoping for better rates in 2024/2025.

When I move out this year, I am assuming I can no longer get a primary residence mortgage rate. Would I have to refinance with an investment property loan, or could I possibly use a 2nd home mortgage? When I was looking last year to purchase another property in NJ, my lender was trying to get me a mortgage as a 2nd home for the better rate. 

Also what will happen to my HELOC? I understand you cannot get a HELOC on a rental property, but what if it is already established? And if I refinance with an investment/2nd home mortgage, will that HELOC get called due?