*Warning* Buying Property In the Future

Scenario:
You are going to buy a property in October.  Your down payment will come from another property you already own.

This is hard:
In October, you apply for two new mortgages at the same time, one for the purchase and one to get access to the equity for your down payment. 

This is easy: 
In June, you apply for a mortgage to set up your down payment.  In October you apply for a mortgage for the new purchase.  

Why?
1. Qualifying for 2 mortgages at benchmark rate at the same time is harder than qualifying for 1 mortgage at benchmark rate.

2. If you are moving from 1 principal residence to another, then 1 of them will be considered a rental.  This makes rates higher.  

Result:
Set up your finances way before you get into a contract to purchase a new property.