The number of Canadians investing in vacation properties is on the rise. These properties offer a multitude of benefits, including relaxation, wealth-building opportunities, and quality family time. Even non-winterized or remote vacation properties can be accessible through mortgages with low rates. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options available. It's important to note that the lending criteria for second or third homes are different from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or more. Different types of cottages also have different requirements and may receive different treatment from lenders. The mortgage options for these properties depend on whether they are categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Fortunately, Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, simply reach out.