An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family moments. These properties, including non-winterized or remote locations, can be easily financed with accessible mortgages that offer low rates. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. It is important to note that lending criteria vary for second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or higher. Different types of cottages also have different down payment requirements and receive different rates. The mortgage options available to you will depend on the property type, categorized as either year-round accessible or seasonal. Additionally, you have the option to incorporate down payments through mortgage refinancing, Home Equity Line of Credit (HELOC), or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.