The number of Canadians investing in vacation properties is on the rise, as these properties offer opportunities for relaxation, wealth-building, and quality family time. Accessible mortgages with low rates are available for vacation properties, including those in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options to suit various purposes. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. The required down payment for vacation and secondary homes can vary, ranging from a minimum of 5% or 10% to 20% or higher, depending on the category of the property. Different types of cottages also have different requirements, with certain types requiring higher down payments and receiving higher rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. To incorporate down payments, there are various options such as mortgage refinancing, HELOC, or reverse mortgage. Fortunately, Canada offers innovative tools that streamline processes and ensure accuracy. For more detailed information and a quick mortgage pre-approval process, reach out to us.