A growing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family moments. There are accessible mortgages available with low rates for various types of vacation properties, including non-winterized or remote locations, such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes qualifying for a minimum of 5% or 10% down payment, while others may require 20% or higher. Different types of cottages have varying requirements, with certain types needing a higher down payment and receiving higher rates. Mortgage options depend on the property type, whether it is categorized as year-round accessible or seasonal. There are innovative tools available in Canada for streamlined processes and accuracy, with options to incorporate down payments via mortgage refinancing, HELOC, or reverse mortgage. For complete information and a quick mortgage pre-approval process, reach out to learn more.