A growing number of Canadians are choosing to invest in vacation properties as a means of relaxation, building wealth, and creating lasting family memories. These properties, including non-winterized or remote locations, can be financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit your needs. However, it is important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others will require 20% or higher. Additionally, different types of cottages have different requirements, with some necessitating higher down payments and receiving higher rates. To facilitate the mortgage process, innovative tools are available in Canada to ensure efficiency and accuracy. For more information and a fast mortgage pre-approval, reach out to us today.