There is a growing trend among Canadians to invest in vacation properties. These properties serve as a retreat for relaxation, an opportunity for wealth-building, and a place for family moments. Fortunately, there are accessible mortgages available with low rates specifically for vacation properties, including those that are non-winterized or in remote locations. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options tailored to your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum of 5% or 10% down payment, others may require 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages also have varying down payment requirements and rates. The availability of mortgage options depends on the property type, whether it is classified as year-round accessible or seasonal. If you need help incorporating your down payment, there are options such as mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. Take advantage of innovative tools and resources in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.