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Author Topic: Home Renovation Dilemma
Posts: 9
Post Home Renovation Dilemma
on: July 1, 2019, 00:47

Hey guys, Just bought an old house in Edmonton. But it's pretty old and will have to do a lot of renovation to make it livable. But I don't have much money left for the renovation. It'll cost around 50k.
I'm thinking about mortgaging for this.

I don't know whether it's a smart move or not. I know that many people are taking a mortgage for buying or building houses. What about renovation? Is it a good idea to try a mortgage loan for the renovation?

Another one thing I want to know is: If I am getting a mortgage loan, which plan is ideal, a variable mortgage or fixed? I already got a quote from a nearby commercial and personal mortgage lender. But I would like to know more about this before taking a decision.
Please help.

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