More and more Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating unforgettable family moments. These properties are becoming increasingly accessible through mortgages with low interest rates, even in 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 specific needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a 20% or higher down payment. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher interest rates. The availability of mortgage options also depends on the property type, categorized as year-round accessible or seasonal. If you already own a property, you can incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.