The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and quality family time. Convenient mortgages with low interest rates are available for vacation properties, including those in remote or non-winterized locations. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options suited to your needs. Lending criteria differ for second or third homes compared to primary residences. Certain vacation and secondary homes may only require a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages have different requirements in terms of down payment and interest rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval, reach out today.