Updated about 9 years ago on . Most recent reply
Canadian Refinance Advice
Hi Everyone,
I have a rental property in Cochrane Alberta. I have around $50,000 in equity in the property based on the current market value and the value paid off my mortgage. The property has been rented out for about 4 years as I am renting in a different city. Do the banks look at the equity based on that criteria? I am interested in moving forward to purchase another property to house hack(live in while I rehab). I am curious on what steps I need to take with the bank or mortgage broker to refinance to put a down payment on another property or if this is possible in this current market. Any suggestions would be much appreciated as I am still learning! Also just to clarify I have not found my next deal yet I just want to know what steps I need to have in place just in case a great deal pops up so I can move forward and not miss it. Thanks in advance for the help.