Now, when you apply to refinance, since you are planning to rent this home, you must certify to the fact the home is primary, second home, or investment. This is tricky since your plan is to make it an investment property. Investment loans require lower LTV's and higher rates. Lenders are on the lookout for fraud, so you must think long and hard when filling out your application. Certainly if you plan on renting it 6 months out, this is not as critical as two months out. However, if you choose to refi as a primary residence, do not share your future plans with your loan officer. This will put them in an untenable situation.
Shop for your lender first, then pre-qualify. I would begin with your present lender, then interview 3 or 4 lenders with regard to rates, costs, and service levels.
In terms of reviewing items for new homebuyers, in this age of the internet, there are so many blogs, articles etc a quick Google search is probably your best bet. Check out Fannie Mae and FHA's websites too, good info there. Perhaps your county has a free first time homebuyer class as well.
Best wishes, Jim
#1 - Consider possibly charging a high enough rent to cover your current carrying costs.
#2 - Consider a lease with the option to purchase where you can usually charge a more premium rental rate for a subject property.
#3 - Investigate your financing options on your new home.
I have a true case I am working with right now that applies to your situation. I have a client who had a property and leased it to purchase a new property with a 100% financed (80/20) loan option. The client recently lost their new job and now cannot afford the mortgage payments on both properties. They leased the first property below their carrying costs and now they are struggling financially.
You don't want this situation to occur to you. AVOID IT at all cost. Evaluate how important the new property is to you and is the change of a mortgage worth it. Your change will involve closing costs or an increased interest rate in lieu of closing costs either way - you will pay! The greatest loss I feel is your equity and the additional 15 years baggage you pick up.
The average lender will only allow you to carry total debt of 43 - 46 % of your Gross Income. This includes all your monthly payments with exception of food, utilities and personal expenses. Credit cards, mortgages, taxes & insurance on real estate owned, installment loans, car loans, and other revolving accounts will be considered. Where do you stand when you total your annual income, divide it by 12, and take your monthly total times an average of 43 - 46%
I hope this information is helpful and I truly hope your goals can be realistically acheived.
I am a Dallas real estate agent, Dallas home mortgage loan officer, Dallas real estate investor
b) Depends on your payments to lower the monthly have the rental payments cover your mortgage keep in mind you also obtain all the tax benefits from owning the home, insurance is approx.50% less on rental property you are only have to cover the structure not the content of the renter
c) We can locate you a Dallas home foreclosure for another purchase, you would be making increasing profits from your real estate investments in Dallas
You can visit my website http://www.lynn911.com there is a wealth of information for buyers, seller and etc. that can address your concerns, if not contact my office.