The popularity of Canadians investing in vacation properties has been growing. These properties offer benefits such as relaxation, wealth-building, and quality family time. Even non-winterized or remote locations can be financed with accessible mortgages that offer low rates. Finding the right mortgage is crucial, whether it's for a lake cottage or as a housing option for college. It's important to note that different lending criteria apply for second or third homes compared to primary residences. Some vacation and secondary homes require a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages also have varying requirements, with certain types needing higher down payments and receiving higher rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Down payments can also be incorporated through mortgage refinancing, home equity line of credit (HELOC), or reverse mortgage. Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.