House Hack Refinance-Must Live In It After Refinance For 1 Year?

[Patrick Q.]

Hello All,

I am currently living in a house hack and intend to refinance it next year to remove the PMI/lower the monthly mortgage costs and ultimately increase the cashflow (if I have the equity I need at that point or can establish it).

I am wondering how the financing of the house hack would look if I did not live in it after the refinance.

Question:

How does not living in the house hack affect the rates and terms of the property if it is nolonger an owner occupied property?

I would be living in the property until the refinance is complete and for a short spell aftwards.

Notes:

looking for information such as the following; are the rates still favorable similar to an owner occupied property, Is the required equity in the property more than 20%, would I have to use a commercial loan.

The ultimate goal is to have tenants occupy it and let time do its thing with regards to pay down, increasing cash flow and appreciation.