I have a home in Toronto, which was our first home and we were living there for the past six years. I bought it for $233.5k(have a loan of $255k on it). I was planning to sell it when I had a budget shortage to buy our new house(down payment).
I dropped the plan now. I think instead of selling the old house I can have a second mortgage on it so that I can pay the down payment of the new home. I'm sorry for the feeble explanation.
Is this plan sounds good? Is there anything I'm missing?
Thanks in advance for reading and possibly respond.