Increasing numbers of Canadians are choosing to invest in vacation properties for reasons such as relaxation, wealth-building, and creating family memories. Accessible mortgages with low rates are available for vacation properties, including non-winterized or remote locations, making it easier to find the best mortgage option for different purposes like a lake cottage or college housing. Different lending criteria apply to second or third homes compared to primary residences, with some properties qualifying for minimum down payments of 5% or 10%, while others require 20% or higher. Various requirements and rates apply to different types of cottages, depending on whether they are categorized as year-round accessible or seasonal. Mortgage refinancing, HELOC, or reverse mortgage options are available to incorporate down payments, providing innovative tools in Canada for a streamlined and accurate process. For more information and a quick mortgage pre-approval, reach out to learn more.