Canadian Refinance Advice

[Matt Callbeck]

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.