I bought a house as a rental. I think it is worth more than I paid and needs work. I am replacing the furnce, windows, floors, remodeling the bathroom etc... I want to refinance it as soon as I'm done the work so I can take that money and buy another rental. Is the bank going to give me a hard time about this, do I have to tell them what I want the money for, do I need to already have the house I want to buy picked out? Also for the mortgage on the current house I went through CMHC with 5% down, will this make it more difficult? Please explain the steps to me, I don't really 100% what I'm doing.
2007-01-29
06:10:08
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5 answers
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asked by
Vanessa
2