The number of Canadians investing in vacation properties is increasing. These properties offer relaxation, opportunities for wealth-building, and quality family moments. Even non-winterized or remote locations can now be financed through accessible mortgages with low rates. Whether you are interested in a lake cottage or a college housing option, there are different lending criteria for second or third homes compared to primary residences. Down payment requirements vary depending on the type of vacation or secondary home, with some properties qualifying for a minimum of 5% or 10% down payment while others may require 20% or higher. Different types of cottages also have different down payment requirements and interest rates. Mortgage options 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. Take advantage of innovative tools in Canada to simplify the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval, reach out to us.