How do I refinance my Ontario house to buy a Quebec property?

[David Mateo Camelo Corredor]

So I own a house in Peterborough Ontario that I bought it in 2021 for 302,000 I put around 100,000 into it and some Realtors are saying it's worth around 580,000 (5 bedroom, 2.5 washrooms). My parents have a house in the same town and their mortgage is 102,000 their house is worth around 510,000 it's a (5 bedroom, 2 washrooms). I moved to Brossard, Quebec and I am seeing the opportunity of owning realestate there to rent it out (that's what we do in Peterborough). My question is I need to be creative with financing since we don't have a lot of cash at the moment. Is there any way you guys know of refinancing or getting money at a good rate to buy properties in Quebec using your Ontario realestate?

[Chris Baxter]

@David Mateo Camelo Corredor there is nothing creative required here... you should be able to refinance the property at 75% LTV, which would yield a mortgage of $435,000. This would pay off the balance of your existing mortgage, cover your rehab expenses, and leave money for a down payment on a new property (no matter where it is). Just make sure your Peterborough property covers itself with a new larger mortgage... @Julie Toh usually has excellent advice for BP folks that are looking to refinance.