What will happen if you lie on a mortgage refinance application?

I want to refinance my current home, but I am also planning to purchase a new home as my primary residence.The broker handling the refinance told me not to mention anywhere that I would no longer be living in the home, and that as long as I occupied the house until closing, it would be okay to call it my primary residence. While reviewing the closing documents I realized that I signed papers stating that I would occupy the home, and that I would not rent it out. (Renting the home is in fact my intention). I don’t know if this is illegal, or if so, how serious it is. I have until midnight on 12/18 to cancel the refinance, should I?

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