The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and precious family moments. Even non-winterized or remote locations can be financed with accessible mortgages at low rates. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options available. Lending criteria differ for second or third homes compared to primary residences. While some vacation and secondary homes require a minimum down payment of 5% or 10%, others may require 20% or higher. Different types of cottages also have specific requirements in terms of down payment and interest rates. The mortgage options offered depend on whether the property is 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 provides innovative tools to ensure streamlined processes and accuracy. For more information and a quick mortgage pre-approval process, reach out today.