Should I Borrow To Renovate? Home Improvement Loan or Home Equity Line of Credit?

In this video I talk about the question I get from clients... Should I borrow to renovate my home? I wrote an article that discusses this topic, you can read that article here: https://mymortgagebroker.com/should-i-borrow-to-renovate/ We review the different options for financing a home renovation: - Savings - Personal Loan or Line of Credit - Mortgage - Home Equity Line of Credit - Second Mortgage I then review the PRO's and CON"s of financing a renovation and then I review what factors you might want to consider if you are financing and completing a home renovation.To calculate how much mortgage payments would be, you can use this calculator on my website: https://mymortgagebroker.com/mortgage-payment-calculator-canada/ If you are considering a renovation with a cost under $20,000 then a personal loan may be a better option than a mortgage. There are no set up fees for a personal loan compared to a mortgage where you might pay legal fees and appraisal fees. Apply for a personal loan here: https://mymortgagebroker.com/loan-application If you have questions, please ask in the comments below. If you would prefer to connect with me privately, then connect on my About Page: https://mymortgagebroker.com/about-us/