More and more Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating lasting family memories. These properties, even those in non-winterized or remote locations, are now more accessible thanks to mortgages with low interest rates. Whether you're looking for a lake cottage or a housing option for your child attending college, there are various mortgage options available to suit your needs. It's important to note that lending criteria for secondary or vacation homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others, depending on their category, will require a higher down payment of 20% or more. Different types of cottages also have varying down payment requirements and interest rates. The mortgage options available to you will also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through methods such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to simplify the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, feel free to reach out.