Mortgaging a Condo but I want to buy new place, what to do?

killer007 wrote: ↑ I am mortgaging a Condo right now, but I want to get a townhouse.

How is the process work?
If I sell this condo to buy the new place...
And
If I keep this condo and also buy a new place...

How can I get downpayment for the new place if all my money is already in this condo?

CdnRealEstateGuy wrote: ↑ It depends on your numbers (income and debts). Maybe you can qualify to keep both, maybe you can't.

You can refinance the condo up to 80% LTV...not sure if they gives you enough for a 5% down payment on the townhome (I am assuming you want to live in the town home....only need 5% down).

DRGN89 wrote: ↑ If this is a 2nd property, would they need a minimum of 20% down payment if their intent is to keep the condo as a rental? Aside from that, you can refinance or open a HELOC and hopefully it'll be enough to cover the down payment for the townhouse if you could get approved to keep both.