An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. These properties, including non-winterized or remote locations, can be accessed through mortgages with low rates specifically designed for vacation properties. Depending on the purpose of the property, whether it be a lake cottage or a college housing option, different lending criteria apply compared to primary residences. Down payment requirements also vary, with some vacation and secondary homes qualifying for a minimum of 5% or 10% down payment while others may require 20% or higher. Different types of cottages have different requirements and rates. Mortgage options depend on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools for streamlined processes and accuracy when it comes to mortgages on vacation properties. For complete information and a quick mortgage pre-approval process, reach out for assistance.