An increasing number of Canadians are choosing to invest in vacation properties for various reasons including relaxation, wealth-building, and creating memorable family moments. These properties, even if they are non-winterized or located in remote areas, are now more accessible due to mortgages with low rates specifically designed for vacation properties. Whether you are looking for a lake cottage or a housing option for college, there are different mortgage options available to suit your specific needs. It's important to note that lending criteria for second or third homes differ from primary residences. While certain vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, others may require a higher down payment of 20% or more due to their categorization and differing treatment from lenders. Different types of cottages also have varying requirements, with certain types requiring higher down payments and receiving higher interest rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. To make the down payment process more manageable, options such as mortgage refinancing, HELOC, or reverse mortgage can be incorporated. Take advantage of innovative tools available in Canada to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.