An increasing number of Canadians are choosing to invest in vacation properties as a way to unwind, build wealth, and create special moments with their families. The good news is that there are accessible mortgages available with low interest rates, even for properties that are not winterized or located in remote areas. Whether you're looking for a cozy lake cottage or a housing option for college, there are various mortgage options to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, others may require 20% or more. Additionally, different types of cottages have varying requirements, with certain types demanding higher down payments and receiving higher interest rates. The mortgage options available also depend on the property type, which is categorized as either year-round accessible or seasonal. However, integrating down payments through mortgage refinancing, HELOC, or reverse mortgages is possible. Luckily, Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to our team.