The number of Canadians investing in vacation properties is increasing. These properties offer opportunities for relaxation, wealth-building, and quality family moments. Even non-winterized or remote locations can be financed with accessible mortgages at low rates. Whether it's a lake cottage or a college housing option, there are various mortgage options available to suit different purposes. However, lending criteria for second or third homes may differ from primary residences. For some vacation and secondary homes, a minimum down payment of 5% or 10% is required, while others may require 20% or more. Different types of cottages also have different requirements, with some needing a higher down payment and attracting higher interest rates. The type of mortgage available depends on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to the appropriate channels.