You can rent out the home with no problem. You don't have to change the morgage. As long as yougot the mortgage as your primary residence and have lived there as your primary residence, then you are not required to change the mortgage when you buy a new home. You will just have to include the mortgage payment in your debt to income ratio when qualifying for a mortgage for your new home.

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage, Inc.
302-703-0727 Office
302-588-3665 Cell

See a Real Estate Attorney for Legal Advice.

If you made Loan Application as an Owner-Occupant Primary Residence, you need to read through your Mortgage regarding rental of the property.

Generally speaking, a certain amount of time should have elapsed between the day you purchased the house, and the date that you intend to rent it. Persons who tell the Lender, "This is Primary Personal Residence / Owner Occupied" and then immediately rent the house, may be guilty of Loan Fraud.

Again, see a Real Estate Attorney for Legal Advice.

Best wishes,
Fred.