A growing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family time. Mortgages with low rates are readily available for non-winterized or remote vacation properties, such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some properties requiring a minimum down payment of 5% or 10%, while others will require 20% or more. Certain types of cottages may also necessitate a higher down payment and receive higher interest rates. Mortgage options are dependent on the property classification of year-round accessible or seasonal, and down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, innovative tools are available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval, reach out today.