Buy house, rent it out for a year, then move in-Mortgage options?
My fiance and I found a perfect property that we may want to buy (out of state) before we are ready to actually make the move. It's one of those situations where it is unlikely to find the same house/land configuration at the right price again, but we really didn't intend on moving until next year.
We thought about purchasing, but renting it out in the meantime for a year or so while we prepare for the move. I'm new to mortgages - can someone explain mortgage options for this situation? Will that then be considered an investment property and we'd be forced to pay a higher interest? Even if it will be our residence within a year? Would we be stuck with investment loan rates even after moving into the house or could the rate change at that time? I'm so new to this, sorry if these are silly questions!
If we do not rent it out, but choose to leave it unoccupied for a bit until we can make it over there, does that change anything?
This will be our first home and first mortgage. We currently live with family.
Thanks in advance!