Converting Primary Residence to Rental

[Joe Ebanks]

Hi All,

I am currently planning on doing a cash out refinance on my personal residence. 

Something I have been thinking about doing is, after I get my loan, renting my home out and moving to a different home. Are there rules against this? I know if I am planning to do that they will have to consider it rental based and change the rates on me.

Just wondering if I should have that done now, or if it is ok to take advantage of the low lending rate and then switch to a rental later if I decide too. Is that illegal?