The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and quality family moments. Accessible mortgages with low rates are available for vacation properties, regardless of whether they are winterized or in remote locations. Whether you are interested in a lake cottage or a college housing option, there are mortgage options that can meet your needs. Different lending criteria apply to second or third homes compared to primary residences. The down payment requirements vary depending on the type of vacation or secondary home, with some properties requiring a minimum of 5% or 10% down payment, while others require 20% or higher. Different types of cottages also have specific down payment requirements and receive varying interest rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.