More and more Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or precious family moments. These properties are now more accessible thanks to mortgages with low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, there are mortgage options available to suit your needs. It's important to note that lending criteria for second or third homes differ from primary residences, with some vacation and secondary homes requiring a minimum down payment of 5% or 10%, while others may require 20% or higher. The categorization of these homes also affects the treatment they receive from lenders, with different requirements and rates based on their type. Mortgage options also depend on whether the property is year-round accessible or seasonal, and down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of Canada's innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval, reach out today.